Financial Markets Daily Report
16 July 2021

Treasury yields fell as Federal Reserve Chairman Powell testified before Congress that rising inflation is likely to be transitory and that the central bank would continue to support the economy. The Bank of Japan left its 10-year bond yield target unchanged at about 0% after concluding its meeting and also kept the policy-balance rate at -0.1%.

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  • Treasury yields fell as Federal Reserve Chairman Powell testified before Congress that rising inflation is likely to be transitory and that the central bank would continue to support the economy. The Bank of Japan left its 10-year bond yield target unchanged at about 0% after concluding its meeting and also kept the policy-balance rate at -0.1%.
  • Global stocks remained near record levels but face risks such as an eventual tapering in Fed bond purchases, Covid-19 delta-variant outbreaks and some signs of peaking economic and corporate earnings momentum.
  • The US dollar advanced, recovering much of the ground lost in the prior session and crude oil is on course for the biggest weekly decline since mid-March.
  • Today, the focus will be on retail sales for June and consumer sentiment for July in the US and the final HICP figures of June for the euro area. 
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