U.S. Equity Markets finished the day higher, as the first time in a long time we saw a Gap followed by a ramp with the NASDAQ 100 leading the gains, closing higher by 2.49%. Federal Reserve Board member Christopher Waller said the central bank remains focused on reducing inflation. To accomplish this, he believes that the Federal Open Market Committee should implement yet another 0.75% rate hike at the July meeting. This would bring the Federal-Funds target range to around 2.25% to 2.50%, which is in line with policymakers’ long-term interest-rate forecast of 2.50% or neutral. In turn, it could afford the Fed the opportunity to back down on the pace of aggressive rate hikes in the instance that there is a deceleration in economic activity. And if these actions can help boost the Dollar, ease cost pressures, and stabilise household balance sheets, it could bring spending back to more sustainable levels. Within the S&P 500, all 11 sectors finished higher. European Markets closed higher. European Central Bank (“ECB”) President Christine Lagarde said the bank will “nip in the bud” any widening in spreads between the sovereign bond yields of weak and strong regional economies. The governments in Germany, Austria, Italy, and Holland all said they are prepared to burn more coal for energy consumption, as they seek to replace lost Russian gas supplies. Russia threatened to take steps to protect its “national interests” after NATO member Lithuania banned the land transit of some goods to Kaliningrad. ECB Chief Economist Philip Lane said the bank’s policy-tightening measures could slow if the region’s economy slows more than anticipated. In Asia, The People’s Bank of China will continue urging the nation’s banks to lower borrowing costs and support economic growth. According to state-run financial newspapers. Bank of Japan Governor Haruhiko Kuroda said foreign currency moves should reflect economic and financial fundamentals, suggesting the government will support the Yen if it continues to weaken. The Bank of Korea’s preliminary trade data for June hit a record low due to rising import costs, implying it may need more rate hikes. The Reserve Bank of Australia said it would not use yield-targeting asset-purchase programmes in the future due to excess volatility, but instead will rely on fixed-amount bond purchases. Elsewhere, Oil rose 0.93% on continued energy volatility, while Gold fell 0.30% as the Dollar remained firm.
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