U.S. Stock Futures Are Higher After A Volatile Trading Week
U.S. stock futures are higher: Markets are looking to open up after a volatile trading week, with all three primary indexes declining sharply following a higher-than-expected inflation release and subsequent Fed hiking of 75 bps. Currently the 10y treasury has fallen back to 3.22% and the curve is basically unchanged. This morning, Chairman Powell reiterated the Fed’s commitment to bring inflation down to 2%, a statement he made to a conference on the U.S dollar. As the Fed is increasing key interest rates, mortgage rates are higher. The average 30y mortgage increased to 5.78% & according to Freddie Mac, this is the highest level since Nov 2008. Asian trading closed mixed. The Bank of Japan is avoiding the policy tightening trend by maintaining its primary interest rates on Friday. European markets are higher.