{"id":544822,"date":"2022-03-22T03:45:29","date_gmt":"2022-03-22T03:45:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/"},"modified":"2022-03-22T03:45:29","modified_gmt":"2022-03-22T03:45:29","slug":"a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/","title":{"rendered":"A terrible day in the US bond market as Powell ups the ante on inflation"},"content":{"rendered":"

<\/a> US treasuries experienced one of their biggest daily sell-offs in the past <\/strong>decade <\/strong>yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to Bloomberg<\/a>. Following last week\u2019s policy meeting<\/a>, the market had already priced in a further six 25-bps rate hikes this year. But in comments at a conference yesterday, Powell suggested that the central bank could resort to larger rate hikes to tame soaring inflation, which is expected to accelerate further in the coming months due to surging commodity prices caused by the war in Ukraine.<\/p>\n

This drove yields across much of the curve to their highest levels in three years<\/strong>, and narrowed the spread between 5- and 30-year bonds to its slightest since 2007, a sign that the market is beginning to price in a recession.<\/p>\n

Stocks weren\u2019t as hard hit<\/strong>, with the S&P 500 closing marginally in the red, the Nasdaq falling 0.4% and the Dow down 0.6%.<\/p>\n

And oil continued to climb:<\/strong> Brent crude is once again nearing the USD 120 a barrel handle after climbing almost 8% yesterday as peace talks between Russia and Ukraine showed no signs of progressing.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,511<\/p>\n<\/td>\n

\n

+4.9% (YTD: -3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.17<\/p>\n<\/td>\n

\n

Sell 18.27<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.17<\/p>\n<\/td>\n

\n

Sell 18.27<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

9.25% deposit<\/p>\n<\/td>\n

\n

10.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,832<\/p>\n<\/td>\n

\n

-0.3% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,563<\/p>\n<\/td>\n

\n

-0.5% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,360<\/p>\n<\/td>\n

\n

+0.3% (YTD: +5.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,461<\/p>\n<\/td>\n

\n

0.0% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,442<\/p>\n<\/td>\n

\n

+0.5% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 116.40<\/p>\n<\/td>\n

\n

+7.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.90<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,934.80<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 41,357<\/p>\n<\/td>\n

\n

+0.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 4.9% yesterday<\/strong> on turnover of EGP 2.2 bn (57.6% above the 90-day average). Local investors were net buyers. The index is down 3.7% YTD.<\/p>\n

In the green: <\/strong>Alexandria Mineral Oils (+13.8%), TMG Holding (+11.8%) and Madinet Nasr Housing and Development (+10.1%).<\/p>\n

In the red: <\/strong>Egyptian Kuwaiti Holding (-3.9%), and Fawry (-2.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

US treasuries experienced one of their biggest daily sell-offs in the past decade yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to Bloomberg. Following last week\u2019s policy meeting, the market had already priced in a further six 25-bps rate hikes this year. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[82,72,119,182,349,1424,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544822","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-interest-rates","tag-jerome-powell","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"351b84bf-cecb-42f0-84f3-264d84755c30","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544801],"teaser":"","voice_url":""},"yoast_head":"\nA terrible day in the US bond market as Powell ups the ante on inflation - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A terrible day in the US bond market as Powell ups the ante on inflation\" \/>\n<meta property=\"og:description\" content=\"US treasuries experienced one of their biggest daily sell-offs in the past decade yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to Bloomberg. 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Addressing the gathering of central bankers in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586455,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/11\/us-inflation-slows-again-paving-the-way-to-a-fed-interest-rate-pause\/","url_meta":{"origin":544822,"position":3},"title":"US inflation slows again, paving the way to a Fed interest rate pause","author":"enterpriseam admin","date":"11 May 2023","format":false,"excerpt":"The consumer price index fell to 4.9% in April","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/643.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576964,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/fed-delivers-75-bps-rate-hike-powell-warns-we-still-have-some-ways-to-go-in-hawkish-presser\/","url_meta":{"origin":544822,"position":4},"title":"Fed delivers 75-bps rate hike, Powell warns \u201cwe still have some ways to go\u201d in hawkish presser","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"US interest rates are now at their highest level since the beginning of 2008: As expected yesterday, the Federal Reserve delivered another huge interest rate hike, extending its most aggressive tightening cycle in decades and pushing rates to the highest level in almost 15 years. The central bank announced it\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553615,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/are-we-going-to-see-a-faster-than-expected-taper\/","url_meta":{"origin":544822,"position":5},"title":"Are we going to see a faster-than-expected taper?","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Is the Fed set to press fast-forward on its stimulus wind-down? Economists expect the US Federal Reserve to taper its bond-buying program in order to start raising interest rates much more rapidly than expected, according to a Financial Times poll. More than half of the 48 respondents said the Fed\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544822"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544822\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544801"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544822"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544822"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}