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☆ Japanese yen: How the currency’s record slump is squeezing the Japanese
▼ + stars: | 2024-05-03 | by ( Juliana Liu | ) edition.cnn.com time to read: +7 min

Higher interest rates in the United States and other countries mean investors can make bigger returns on investments there than they can in Japan. This encourages carry trades, in which investors borrow money in yen to invest it in higher-yielding assets priced in other currencies. That weakens the Japanese currency. A Big Mac costs 50% more in the next cheapest G10 currency, the New Zealand dollar, than it does in yen, he added. … and lots of drawbacksBut the falling yen has caused much pain at home and not just for small businesses like Japan Fraise.

Persons: hasn’t, Hiroko Ishikawa, “ It’s, ” Ishikawa, “, we’re, We’re, Himari Semans, That’s, ” Nigel Green, Kit Juckes, Warren Buffett, ” Sean Callow, ”, Sato Hitomi, Semans, I’ve, —, Laura He, Chris Lau Organizations: Tokyo CNN, US, Reserve, CNN, Nikkei, Bank of Japan, deVere, greenback, Labor, Societe Generale, New Zealand, Japan’s National Tourism Organization, Tokyo’s Locations: Hong Kong, Tokyo, Japan, United States, Sydney, Hawaii

☆ Wall Street takes bets on which major central bank will blink first
▼ + stars: | 2024-02-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Brendan McDermid | Reuterswatch nowSwiss headline inflation fell from 1.7% in December to 1.3% in January, well below consensus forecasts, while core inflation dropped from 1.5% to 1.2%. Analysts at Capital Economics said the steep decline meant inflation "looks sure to undershoot the SNB's Q1 forecast of 1.8%." "However, with the January inflation downside surprise, the SNB forecast looks too high to us, and the probability of a policy rate cut on 21 March has increased. Bank of Japan to end negative rate era While most major central banks are looking at loosening monetary policy after more than two years of aggressive tightening to combat rampant inflation, the question for the Bank of Japan is the opposite. The country's core inflation rate — which excludes food and energy — fell to 2% year-on-year in January, after a third monthly increase, surprising slightly to the upside and suggesting that a sustainable return to ultra-low inflation may not be in the cards.

Persons: Jerome Powell, Brendan McDermid, Société Générale, Kit Juckes Organizations: Federal Reserve, New York Stock Exchange, Reuters, Capital Economics, UBS, Bank of Japan, Bank of Locations: New York City, U.S, Bank of Japan, French

☆ Dollar nurses losses as US rates seen peaking
▼ + stars: | 2023-11-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The index , which measures the dollar against a basket of six major currencies, fell 1.9% last week alongside a big rally in U.S. The yuan also hit a three-month high on the dollar on Monday as the central bank guided it higher. "The dollar continues to struggle, with the dollar index breaking below 104 on Friday and (now) below 103.5 ... as markets decide that the Fed is done," analysts at ANZ said in a note. The Australian dollar was marginally firmer at $0.6561, just below Monday's three-month high of $0.6564. The New Zealand dollar was steady at $0.6040.

Persons: Pierre Wunsch, Kit Juckes, Christine Lagarde, Tom Westbrook, Jacqueline Wong Organizations: European Central Bank, New Zealand, ANZ, Conference, Federal Reserve, Futures, Generale, U.S, Thomson Locations: SINGAPORE, Asia, U.S, Japan, Tokyo

☆ Dollar rallies to fresh one-year high against a beaten-down yen
▼ + stars: | 2023-11-13 | by ( Dhara Ranasinghe | Thomson Reuters | Senior Correspondent On The London Markets Team Covering European Sovereign Bond Markets | ) www.reuters.com time to read: +3 min

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Japanese Finance Minister Shunichi Suzuki said the government would keep monitoring the currency market and respond appropriately. The comments had little immediate impact on the yen, which is down almost 14% against the dollar this year. "Given the move in U.S. Treasuries of course the yen is not rallying yet," he said, referring to U.S. bond yields. The dollar on Monday rose to 151.88 yen , its highest level since October 2022.

Persons: Dado Ruvic, Shunichi Suzuki, Sterling, inched, Rishi Sunak, Kit Juckes, Jerome Powell, Geoff Yu, Sunak, David Cameron, Suella Braverman, Dhara Ranasinghe, Brigid Riley, Emelia Sithole, Sharon Singleton Organizations: REUTERS, U.S . Federal, Finance, British, Generale, BNY Mellon, Thomson Locations: U.S, Japan, Tokyo, TOKYO

☆ Stocks climb in calm before potential US payrolls storm
▼ + stars: | 2023-10-06 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Tokyo's Nikkei (.N225) was flat and currency markets were similarly steady with the dollar just off recent highs as traders looked to the labour data for guidance. Ten-year Treasury yields held at 4.72%. "This may be just a brief pause while we wait for labour market data and next week's U.S. Treasury supply and CPI data," said SocGen strategist Kit Juckes. "If the labour market data are strong, pressure will return sooner than it did last year. I still think the Treasury market will take yields higher until something breaks in the system."

Persons: Jason Wong, Kit Juckes, Tom Westbrook, Shri Navaratnam Organizations: Brent, Tokyo's Nikkei, Treasury, Reuters, London, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Wellington, U.S

Treasury yields later receded on a cooler-than-expected U.S. private payrolls report that helped stocks on Wall Street rebound from Tuesday's sharp sell-off. "The market was so over-sold that it was looking for a catalyst to rally on and found it in ADP." The yield on 10-year Treasury notes touched 4.884%, a fresh 16-year high, while 30-year Treasury yields rose above 5% for the first time since August 2007. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAustralian, Canadian and British government bond yields have also surged this week. Gold prices crept lower for the eighth consecutive session as elevated Treasury yields amid expectations that the Fed will keep rates higher for longer weighed on investor sentiment.

Persons: Kim Rupert, Rupert, Rhys Williams, Brendan McDermid, Kit Juckes, Brent, Herbert Lash, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Will Dunham, Mark Potter Organizations: Treasury, ADP, Management, Institute for Supply Management, Federal Reserve, Dow Jones, Nasdaq, Bank of Japan, New York Stock Exchange, REUTERS, Rights Australian, U.S ., Thomson Locations: San Francisco, Bryn Mawr , Pennsylvania, U.S, New York City, Asia, Pacific, Japan, Tokyo, Russia, London, Sydney

European stocks (.STOXX) tumbled as much as 0.6% before clawing back some ground, with indexes in France (.FCHI) and Germany (.GDAXI) both posting losses. Thirty-year Treasury yields also rose above 5% for the first time since August 2007. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) had fallen 1.3%, its second straight daily drop of over 1%. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Reporting by Tom Wilson and Tom Westbrook; Editing by Simon Cameron-Moore and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Sandrine Perret, it's, Mel Siew, Kit Juckes, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Mark Potter Organizations: U.S ., Nikkei, REUTERS, LONDON, Bank of Japan, Muzinich, Co, THE, Federal, Treasury, Brent, . West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, France, Germany, Unigestion, Asia, Pacific, Singapore

☆ Asia stocks slump as bond selloff spooks markets
▼ + stars: | 2023-10-04 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The spike in Treasury yields lifted the dollar to new heights with only the yen showing some fight amid speculation the Japanese authorities might be intervening behind the scenes. The yen breached the 150-per-dollar level in the London afternoon on Tuesday before suddenly shooting to 147.3. There was no confirmation from Tokyo, where Japan's finance minister and top currency diplomat have made no direct comment on the move. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Brent crude futures were last steady at $90.87 a barrel, having hit an 11-month high of $97.69 last week.

Persons: Issei Kato, it's, Mel Siew, Ryota Abe, Kit Juckes, Tom Westbrook, Jamie Freed, Kim Coghill Organizations: U.S ., REUTERS, Japan's Nikkei, Muzinich, Co, Sumitomo Mitsui Banking Corporation, New Zealand, Federal, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, SINGAPORE, London, Pacific, Singapore, Taiwan, Malaysian

The European Central Bank last week lifted rates to a record 4% and upgraded its inflation forecast for 2024, but the euro fell and has lost almost 2% against the dollar this month. Overall, Europe's central banks "would like to portray this idea of higher for longer (rates)," said Ed Hutchings, head of rates at Aviva Investors. The currency, which the central bank labeled "unjustifiably weak," barely caught a break and remains near a record low against the euro . He expected one the of big European central banks to be the first to cut rates. European central banks were "in a bind," Fiotakis added, as higher oil prices also threatened to push inflation higher.

Persons: Dado Ruvic, Sterling, Kit Juckes, BoE, SocGen's Juckes, Ed Hutchings, Nathan Thooft, Bjoern, Fiotakis, Orla Garvey, Naomi Rovnick, Christina Fincher Organizations: REUTERS, Sterling, LONDON, Bank of, Swiss, greenback, Societe Generale, European Central Bank, ECB, U.S . Federal Reserve, Fed, Aviva Investors, Investment Management, Reuters, DWS Group, Nomura, ING, Barclays, Federated, Thomson Locations: Swiss, Bank of England, Switzerland, Sweden, Europe, U.S, Western Europe, United States, Britain, Swedish, Japan, European

☆ US exceptionalism thwarts dollar bears but Fed test looms
▼ + stars: | 2023-09-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

Signs that the dollar will continue enjoying its yield-advantage over other currencies have undercut support for bearish views on the greenback. That theme will be tested in September, as the market braces for a flood of key U.S. economic data as well as the Fed's monetary policy meeting. Fed Chairman Jerome Powell's message at next week's monetary policy meeting could also influence the dollar's trajectory. While Englander is bearish the dollar in the medium term, the currency's "underlying drivers have been going so much in the opposite direction," he said. Other dollar rebounds this year, in March and May, failed at levels not far from where the dollar index trades now.

Persons: Dado Ruvic, It's, Vassili Serebriakov, Jerome Powell's, Steven Englander, Serebriakov, it's, Kit Juckes, Saqib Iqbal Ahmed, Laura Matthews, Ira Iosebashvili, Sam Holmes Organizations: REUTERS, U.S, Futures Trading, UBS, Reuters Graphics, Fed, Standard Chartered, Reuters, TD Securities, Societe Generale, Thomson Locations: U.S, United States

☆ Higher-for-longer rate bets lift dollar, sap stocks
▼ + stars: | 2023-09-07 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Long-term Treasury yields hovered at a two-week high of nearly 4.28% and close to last month's post-financial crisis highs. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. "While the markets are still feeling around for where that rate may be, it's going to weigh on equities and support the U.S. The dollar index - which measures the currency against six developed-market peers, including the yen and euro - ticked up 0.07% to 104.93. Reporting by Marc Jones; Additional reporting by Kevin Buckland in Tokyo; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Robert Alster, Brent, Europe's, hasn't, Kyle Rodda, Kit Juckes, Marc Jones, Kevin Buckland, Susan Fenton Organizations: Tokyo Stock Exchange, REUTERS, U.S, for Supply Management, Federal, Asset Management, Japan's Nikkei, Reuters, Traders, Federal Reserve, Capital.com, U.S ., Treasury, Generale, People's Bank of China, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe, U.S, New York, Asia, Melbourne, China

REUTERS/Dado Ruvic/IllustrationBENGALURU, Aug 3 (Reuters) - The U.S. dollar will hold its ground against most major currencies over the coming three months as a resilient domestic economy bolsters expectations interest rates will remain higher for longer, according to FX strategists polled by Reuters. The dollar is unlikely to give up recent gains in coming months, according to the July 31-Aug. 2 Reuters poll of 70 FX strategists, which showed most major currencies would not reclaim their recent highs for at least six months. In response to an additional question, 27 of 40 FX strategists said net short USD positions would either not change much or decrease over the coming month, suggesting the dollar would be rangebound. Typically, these conditions often coincide with a more negative dollar outlook," said Kamakshya Trivedi, head of global FX at Goldman Sachs. At this point in time I wouldn't say so," said ECB President Christine Lagarde last week after delivering a widely anticipated 25 basis points (bps) rate increase.

Persons: Dado Ruvic, Kamakshya Trivedi, Goldman Sachs, Christine Lagarde, Kit Juckes, Sterling, Indradip Ghosh, Shaloo Shrivastava, Sujith Pai, Veronica Khongwir, Vijayalakshmi Srinivasan, Jonathan Cable, Ross Finley, Alex Richardson Organizations: REUTERS, U.S, Reuters, greenback, Federal Reserve, Central Bank, Fed, ECB, Societe Generale, Bank of England, bps, Bank of, Thomson Locations: U.S, Bank of Japan

While an ISM survey offered a tough assessment of U.S. manufacturing conditions, so-called hard data suggest the sector is shuffling along. Federal Reserve data in June showed factory production rebounded in the second quarter, ending two straight quarterly declines. Meanwhile, U.S. construction spending increased solidly last month and May's data was revised higher, boosted by outlays in both single and multifamily housing projects, the Commerce Department said. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: Dado Ruvic, Steven Ricchiuto, Carlos Casanova, Kit Juckes, Sterling, Herbert Lash, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson, Alexander Smith Organizations: REUTERS, Reuters, Federal, outlays, Commerce Department, Labor, Survey, Labor Department, Mizuho Securities USA, Reserve Bank of Australia, Bank of Japan, U.S, Natixis Investment, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ Aussie set for biggest one-day drop since March, yen at 3-week low
▼ + stars: | 2023-08-01 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The Aussie fell 1.4% to $0.6626, wiping out the 0.87% gains it clocked in July and set for its sharpest daily drop since March. "I think it was right that the RBA held today, given trimmed mean inflation and unemployment matched the RBA's forecasts. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. The euro eased 0.2% to $1.0975, not too far from an almost three-week low touched on Friday. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: David Gray, Matt Simpson, Carlos Casanova, Kit Juckes, Sterling, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson Organizations: REUTERS, Australian, Reserve Bank of Australia, Bank of Japan's, City, Federal, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Sydney, Australia, China, Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ The dollar's troubles are far from over - expect a slump toward 2020 lows, a Societe Generale analyst says
▼ + stars: | 2023-07-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The US dollar could extend its slide toward lows last tested near the end of 2020, according to a Societe Generale analyst. "I would expect the Dollar Index to closer but not all the way to, the lows at the end of 2020," he said in a note. The currency's troubles may be far from over, according to a Societe Generale analyst. The decline comes as US inflation rapidly cools, fueling bets the Federal Reserve could soon stop raising interest rates, or even start cutting them. The prospect of lower interest rates tend to make a currency less attractive to international investors who seek higher yields.

Persons: Kit Juckes Organizations: Societe Generale, Service, Reserve Locations: Wall, Silicon

BENGALURU, July 6 (Reuters) - The U.S. dollar will hold its ground against most major currencies for the rest of the year despite expectations of narrowing interest rate differentials as the U.S. economy stays resilient, according to FX strategists polled by Reuters. "The tightness of the U.S. labour market may help the economy and the dollar in the very short term," said Kit Juckes, chief FX strategist at Societe Generale. "Even if we see (interest) rate convergence, it seems unlikely a new major euro uptrend will start without stronger growth." Indeed, a majority of common contributors showed the dollar view against most major currencies for the coming six months has been either upgraded or kept unchanged from a month ago. "The dollar is getting a tailwind from the Fed ... the current strength is on a repricing of the Fed (rate) higher," said John Hardy, head of FX strategy at Saxo Bank.

Persons: Jerome Powell, Kit Juckes, Jonas Goltermann, Sterling, John Hardy, Indradip Ghosh, Shaloo Srivastava, Sarupya Ganguly, Anitta Sunil, Veronica Khongwir, Hari Kishan, Ross Finley, Matthew Lewis Organizations: U.S, Reuters, Federal Reserve, European Central Bank and Bank of England, Societe Generale, Futures Trading Commission, Capital Economics, Saxo Bank, Thomson Locations: BENGALURU, U.S, Europe, Asia, Britain, Bengaluru

☆ Bank of Canada to raise rates 25 basis points on July 12, possibly the last
▼ + stars: | 2023-07-06 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

So the BoC will press ahead and hike the overnight rate by 25 basis points to 5.00% on July 12, according to 20 of 24 economists in the June 28-July 6 Reuters poll. That would amount to 475 basis points in total since March 2022, taking the overnight rate to a new 22-year high. Inflation is not expected to fall to the central bank's 2% target at least until 2025, according to the poll. The central bank was predicted to keep rates on hold at 5.00% until Q2 2024, said a majority of economists. Rates staying high for longer is expected to boost the Canadian dollar, one of the best performers among G10 currencies this year.

Persons: Priscilla Thiagamoorthy, Claire Fan, Kit Juckes, Milounee Purohit, Vijayalakshmi Srinivasan, Ross Finley, Andrea Ricci Organizations: Bank of Canada, Reuters, BoC, BMO Capital Markets, Gross, RBC Economics, Canadian, U.S, Societe Generale, Thomson Locations: BENGALURU

With economic and monetary policy outlooks varying, currency moves are increasingly out of sync with each other. More pain is also anticipated for the yuan, trading near seven-month lows, as well as smaller Asian currencies. It's continuing to weaken against some European currencies and also Latin American currencies," he said. MULTI-LAYERED CRISISKit Juckes, head of FX strategy at Societe Generale, said the focus on monetary policy differences was also a result of uncertainties elsewhere. "We've got a one-in-a-100-years pandemic and once-in-75-years war and a-once-in-25-years energy crisis all thrown into the mix together," said SocGen's Juckes.

Persons: Yen, Pound, Jordan Rochester, Nomura, Lee Hardman, Hardman, Juckes, Morgan Stanley reckons, We've, SocGen's, You’ve, Dhara Ranasinghe, Alun John, John Stonestreet Organizations: The Bank of, European Central Bank, Reuters Graphics Rochester, Societe Generale, Bank of Japan, Thomson Locations: Europe, COVID, Ukraine, The Bank of Japan, United States, Beijing, Scandinavia

ECB chief Christine Lagarde said the central bank for the 20 countries that share the euro was not pausing. "This is a very restrictive policy and it will turn into credit tightening and that will bring a recession." The ECB has now increased its key deposit rate by some 375 bps since last July, from -0.5%. U.S. rates have jumped 500 bps, with the Federal Reserve hiking again on Wednesday while opening the door to a pause. Gareth Rudd, a European equity fund manager at Chelverton Asset Management, said he was negative on European bank stocks because regulators will want them to conserve capital instead of paying dividends.

☆ Analysis: End of central bank rate hikes now firmly on the horizon
▼ + stars: | 2023-03-23 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve, the European Central Bank and the Bank of England all raised rates as expected in the last week, but each of them signalled caution about their next move, leaving investors unsure where borrowing costs are going. Central banks have also been quick. This is lightning-fast by central banking standards and ECB's Knot said policymakers needed to have a deeper look at how it is affecting lenders. Combined, these factors suggest that big central banks are nearly done, and that upcoming rate moves may be their last. If so, our view is that it could indeed substitute for further rate hikes," Michael Gapen at Bank of America said.

☆ Premarket stocks: What comes next in the banking crisis? The early 1990s hold clues
▼ + stars: | 2023-03-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

This isn’t 2008: There are some key differences between today’s banking saga and what happened in 2008. This time around the US federal government stepped in early to guarantee all customer deposits and restore confidence in the US banking system. Here comes CPIFormer banking regulators, economists and Wall Street analysts are increasingly calling for the Federal Reserve to pause its inflation-fighting interest rate hikes because of the current banking sector chaos. Last Wednesday, investors were putting 70% odds of a half-point interest rate hike at the Federal Reserve policy meeting next week, according to the CME FedWatch tool. Analysts expect the inflation rate to come in at 6% year-over-year (down from 6.4% in January) and at 0.4% month-over-month (down from 0.5% in January).

☆ Premarket stocks: Bad sign for stocks: Bond yields are white hot again
▼ + stars: | 2023-02-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The recent global bond rally appears to be tapering off as investors are getting a cold wet dose of reality about Fed rate hikes. Bonds compete with stocks for investors’ dollars, and when yields go up, equities often go down. That tonal shift has sent stocks lower and Treasury yields higher, as investors rethink their views on the path of interest rates. The Federal Reserve’s efforts to date to bring down inflation while maintaining a strong labor market appear achievable, she added. “As a result, although Fed rate hikes could slow the labor market in the coming months, we think labor supply faces persistent headwinds in the longer run.”

☆ Dollar rally loses steam as traders wait on Fed, data
▼ + stars: | 2023-02-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, Feb 21 (Reuters) - The dollar was parked below recent peaks on Tuesday, as a three-week rally faded and traders waited on economic data to figure on whether it's warranted to push the dollar up any further. Strong U.S. labour data and sticky inflation have raised U.S. rate expectations and supported the dollar's rally so far this month - Tuesday's European and U.S. manufacturing data and Friday's core PCE price index will guide the next steps. "I suspect that further significant dollar strength will require the Fed Funds futures market to start pricing in a 50 basis point rate hike in March," he said. The New Zealand dollar held at $0.6259 ahead of a central bank meeting on Wednesday. Overnight the Swedish crown jumped as inflation turned sticky and central bank minutes showed policymakers prepared to keep hiking.

☆ Premarket stocks: What we learned at Davos: The economy is a mess, but there's still hope
▼ + stars: | 2023-01-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Friday marks the end of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders. The meetings between CEOs, politicians, and global figures at Davos can help set the tone for the year ahead. CEOs and political officials are also worried about the United States hitting its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. China’s removal of strict coronavirus restrictions late last year is also expected to unleash a wave of spending that may offset economic weakness in the United States and Europe.

☆ Markets: Bad news for the economy is now bad news on Wall Street
▼ + stars: | 2023-01-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN —The market is bracing for a perfect storm of bad news. Kelly added that “a failure to increase the debt ceiling is the most immediate fiscal threat to the economy and markets in 2023” and that a deal is needed sooner rather than later in order to reassure the markets. There’s a saying on Wall Street that bad news for the economy is actually good news for the stock market and vice versa. Bad news actually might be bad news. “What just some weeks ago would have seen markets cheering the weaker data…is now being judged more harshly with bad news no longer enjoying a warm welcome,” she added.

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