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What to watch

MARKET INSIGHT
  • Overnight we saw core fixed income move off its highs after further comments from another Fed official yesterday evening (Mester) that a faster taper could be preferable as it would better enable the Fed to react to inflation if needed. The comments were no surprise given Mester's prior views but compounded the comments made from Powell the prior day. This was despite the first case of Omicron having been identified in the US yesterday. Overnight sentiment was also helped by hopes that there may be some supportive measures from the PBoC.
  • We note that bond curves have barely steepened and seen more parallel moves this morning.
  • Today's calendar is a bit on the light side with Spain and France holding bond auctions but not much to note on the data or speaker front. Daly and Barkin at the Peterson Institute are probably the highlights late in the European session.
  • Instead, today's focus will continue to be on Covid-19 developments (and potential government reactions) as well as pre-positioning ahead of tomorrow's US labour market report. There was little reaction to yesterday's ISM manufacturing or ADP employment prints - but neither saw large surprises.
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