Macro News
Global: The risk-on environment continues globally after Governor Powell delivered a more dovish than already expected conference last week, stating that the current pace of monetary policy is ‘appropriate’ and that a decision of another rate hike will depend on future data points. Overall, the conference was not very informative, neither on the balance sheet process nor on the policy rates trajectory, but it seems that the US equity market performance is an important component of the Fed’s reaction function. Powell comments on interest rates switched from ‘a long way’ from neutral