U.S. Equity Markets closed mixed after another volatile session. Although, the Dow closed slightly positive, the NASDAQ got hit hard, closing lower by 0.86% after 10-year Treasuries hit 4%. The ISM PMI came in at 47.7, a minor improvement from January. However, it is still the fourth straight monthly contraction (an index reading of less than 50). The report suggested continued inflation, with the prices-paid component moving back into expansion territory. Fed Atlanta President Raphael Bostic said that interest rates would need to peak at 5.25% and remain there well into 2024, while Fed Minneapolis President Neel Kashkari struck a slightly more dovish tone, saying that while he was open to either a 25- or 50-basis-point increase in March, the central bank’s guidance was far more important. The yields on 10-year Treasurys rose above 4% for the first time since last November as investors continue to sell bonds on the consensus that rates will head higher and stay there for longer. Within the S&P 500 Index, eight of the 11 sectors finished lower. European Markets closed lower. U.K. House Price growth for February fell at the sharpest annual rate since 2012 as higher interest rates cut into homebuyer demand, while retail inflation rose to 8.4% in February as rising costs continue to burden retailers and consumers. Bank of England Governor Andrew Bailey said that further rate increases are likely needed to contain inflation and that easing policy too soon could repeat the mistakes of the 1970s. Finally, ECB Member François Villeroy de Galhau said that peak interest rates could be reached by the end of summer at the latest. In Asia, Chinese Composite PMI data for February rose compared with January as manufacturing activity hit the highest level since 2012. Australian CPI for January was weaker than expected, falling compared with December – a sign that pricing pressures may finally be starting to ease. Bank of Japan Member Nakagawa said it should continue to employ easy-money policies moving forward to support economic growth. Elsewhere, Oil rose 0.83% while a weaker Dollar saw Gold yesterday’s session higher by 0.44%
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