Mixed Chinese Data Leave Investors Unimpressed

The Chinese consumer is stirring, but markets aren’t convinced

Highlights

• The Chinese consumer is stirring, but markets aren’t convinced

• Powell gave the first hint of a potential policy pause

• The 3-month T-bill yield is looking increasingly attractive

• Has the “Trump Bump” run its course? 

Key Takeaways

Powell Signals Potential Pause, Shifting Market Expectations

• Powell gave the first hint of a pause yesterday, reversing a rally in Treasuries and prompting swaps markets to take the odds of a cut in December below 50%.