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The leg higher in U.S. stocks Tuesday,......>

US TSYS
US TSYS: The leg higher in U.S. stocks Tuesday, followed by a buoyant session
for Asia-Pacific stocks thus far (excluding China, where the indices have
unwound the bulk of their gains), has kept a lid on Tsys during Asia-Pacific
trade allowing yields to rise by ~0.5bp across the curve at writing.
- Speaking at a FSOC event late Tuesday Fed Chair Powell said he is worried
about the "spill-over" effect on the U.S. economy in the event of a hard Brexit.
- Late in U.S. hours the new San Francisco Fed President ('18 voter) Mary Daly
made her 1st major public address since assuming the role. BBG covered the
speech, with Daly noting that "inflation is effectively at the Fed's 2% target,"
while she believes that the "labour market is beyond a state of full
employment," describing econ growth as "robust". Daly noted that tailwinds for
the econ include fiscal stimulus & financial conditions. Finally, Daly suggested
that the recent move in the stock market wasn't "worrisome," in her view. Daly
also pointed to the need for gradual rate hikes.
- The Eurodollar strip trades 0.5 to 2.0 ticks lower last.
- Sep FOMC mins headline Weds, with housing starts & building permits also due.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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