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United States
The FOMC voted unanimously to raise the Fed funds target range by 25 bps to 3.75%–4.00%, explaining that the hike was intended to “support a timelier return” to the 2% inflation goal.
Of the 18 participants who submitted forecasts, 12 are looking for another 25 bps hike for the rest of the year, while four expect 50 bps of further tightening.
United Kingdom
The FTSE 100 trades at a 34% discount to the S&P 500 and 13% to the Euro Stoxx 50.
Japan
Japan has the second-largest public pension fund in the world.
Asia-Pacific
New Zealand GDP growth moderated on a quarter-over-quarter basis. A rebound in construction was offset by softness in consumer-facing sectors, as higher fuel costs weighed on households.
Equities
US equities typically weaken around the start of Fed tightening cycles, with the S&P 500 posting a median decline of roughly 4% in the first three months after the initial hike before recovering over the following year.
Rates
The cost of insuring against US default has been falling, indicating that it’s not increased sovereign credit risk that’s been driving yields higher.
Commodities
Tether’s gold holdings have swelled to 146 tons.
