- Brent crude trades above $100 a barrel even after a fourth consecutive day of declines in oil prices.
- The Fed restored its inflation-fighting credibility with a hawkish message that stopped short of signaling an aggressive hiking cycle; the 10-year Treasury yield again tested 5% and the S&P 500 swung between gains and losses.
- MSCI's emerging-market stock gauge gained 1.1% to its highest in over a week on US-China talks ahead of a presidential summit, led by Samsung Electronics, Taiwan Semiconductor Manufacturing and MediaTek.
- Oil-price risk and artificial intelligence risk keep investors from fully committing to the bullish case, even with better clarity on the Fed's resolve.
Quotes
“The Fed last week succeeded in restoring its credibility, showing that it’s not falling behind the curve with a hawkish message that still stopped short of signaling an aggressive hiking cycle.”
“While oil prices have pulled back, Brent crude is still trading above $100 a barrel.”
“while a fourth day of declines in oil prices added to positive sentiment”