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The continuity play

Today's news headlines: 

‘Biden Keeps Powell as Fed Chief, Names Brainard Vice Chair’. President Biden kept things calm at the Federal Reserve with his nomination of Jay Powell for a second term as Fed Chair while promoting Lael Brainard to Vice-Chair. The central bank is currently grappling with the fastest inflation in three decades, and Biden will hope that the Fed’s recent hawkish shift will protect the American economy from surging prices. Powell’s renomination will disappoint progressive democrats like Elizabeth Warren—who’d previously labelled Powell a ‘dangerous man’—while Brainard’s nomination could upset senate republicans due to her tough stance on bank regulation. (Bloomberg)

‘Senior Tories demand shake-up of Boris Johnson’s top team’. Pressure is mounting on Boris Johnson to shuffle ministers in his cabinet after a rambling speech at the CBI Annual Conference. The Prime Minister referenced Peppa Pig, imitated a motor car, and lost his place for some 30 seconds, raising concerns that he is unable to cope with current workloads. Johnson also suffered a significant rebellion in his own party last night as his government narrowly won a crucial vote on social care reforms. MPs are concerned that Johnson’s closest advisors are no longer able to challenge him effectively or point him in the right direction. (Financial Times)


Markets were mixed following Jay Powell’s renomination yesterday, with the S&P giving up all its initial gains while Treasury yields jumped. Markets are increasingly pricing in Federal Reserve tightening over the coming months, which has boosted the US Dollar to a four year high over the Japanese Yen.


French flash Services PMI: 8:15AM
German flash Services and Manufacturing PMI: 8:30AM
EU flash Services and Manufacturing PMI: 9:00AM
UK flash Services and Manufacturing PMI: 9:30AM
Monetary Policy Committee member Jonathan Haskel speaks: 11:00AM
US Flash Services and Manufacturing PMI: 2:45PM

Interbank rates:

GBP/USD – 1.3380
GBP/EUR – 1.1900
EUR/USD – 1.1244
USD/CAD – 1.2722

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.