Yield curve inversion spooks markets

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Risk off trading dominated global equities markets last week as bond yields fell causing inversion of US Treasuries yield curve. The SP 500 losses deepened to 1.0% while the ICE US dollar index gained 0.7% as US announced delays for 10% tariffs earlier announced by President Trump on August 1 on Chinese goods worth $152 billion until mid-December.

All six largest developed market indexes added to previous week’s losses. FTSE 100 was the loss leader: it dropped 1.9%. One out of six major currency pairs reversed previous week’s dynamics, and the range of major currency pairs’ weekly fluctuations narrowed as it shifted higher. The British Pound was the leader in terms of percentage change: it rose 1% against the US dollar.

Federal Reserve policy makers opinions on US economy and monetary policy will be in focus this week as minutes of the Fed’s July meeting are released on Wednesday with details on the discussions that resulted in the first interest-rate cut in a decade. And Federal Reserve Chairman Jerome Powell will address central bankers at the Kansas Fed’s annual Jackson Hole symposium on Friday.

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