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On May 9, Fed Chairman Williams said on Friday that uncertainty is high and will continue to exist for some time to come. "We are going through a moment of uncertainty and change," Williams said. "There is no doubt that uncertainty will continue to be the defining feature of the monetary policy landscape for the foreseeable future," Williams said. "This is a direct result of structural changes in the global economic environment, such as changes brought about by artificial intelligence, deglobalization, and innovation in the financial system." Williams did not comment on the economic outlook or monetary policy. He also said that the independence of the central bank can bring better results.May 9th, Federal Reserve officials responsible for implementing monetary policy said on Friday that the market responded well to market pressures last month as the Fed took steps to strengthen a key liquidity tool. "Although liquidity in the U.S. Treasury cash market became tight in early April, these markets continued to function normally, in part because of the resilience of funding liquidity in the U.S. Treasury repurchase market," said Roberto Perli, manager of the Federal Reserve Systems open market account. Markets performed well during this period of stress after the Trump administration announced large-scale trade tariffs, but Perry said the experience once again showed that it was necessary for the Federal Reserve to further explore how to provide rapid liquidity to the market. Perry said the Standing Repurchase Facility (SRF) will operate in the morning and afternoon in the "near future." He noted that "these early settlement auctions, combined with the current afternoon auctions, will increase the effectiveness of the SRF as a tool for monetary policy implementation and market operations."Market news: Hungary expelled two Ukrainian diplomats.Ukrainian President Zelensky: Ukraine will hold a meeting of leaders of the "Coalition of the Willing" on Saturday.New York Fed official: Markets and financing remained orderly during last months stress.

Hang Seng Index, ASX200, Nikkei 225: Markets Find Brief Relief

Jimmy Khan

Feb 28, 2023 15:37


Industry Snapshot

Tuesday's early trading period for the Hang Seng Index and the larger Asian markets was positive. This morning, the Asian markets followed the Dow and the NASDAQ Composite Index into the green.


Riskier assets received support from US economic data on Monday, as the crucial Goods Orders Non-Defense Ex Aviation increased by 0.8% in January, correcting a 0.3% decline from December.


The recent decline in crude oil prices has given rise to expectations that US inflation will experience a brief hiccup in January. However, with the US jobless rate at 3.4% and high US inflation, the Fed's conservatives will have a strong influence in the upcoming sessions. Anxiety of making a mistake would prefer an over-tightening and a gentle landing over abandoning the fight against inflation, which would support a more aggressive direction for interest rates.


Growing global conflict between the US and China has dampened expectations for a strong first quarter for the Hang Seng Index based on the China reopening narrative. Russia-China relations over Ukraine continue to be of worry.


Mixed regional economic data this morning limited the gains due to persistent challenges in the global stock markets. Consumer purchasing pleased, continuing a pattern seen in Europe and the US, while industrial sector statistics showed warning.


The NASDAQ Composite Index increased by 0.63% on Monday, while the Dow Jones and S&P 500 both saw increases of 0.22% and 0.31%, respectively. The US Futures provided assistance this morning. The NASDAQ mini increased by 41 points while the DJI mini gained 50 points.



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