Markets were mostly contained in the absence of major news. The S&P500 is up 0.1%, and the AUD. NZD, and bond yields are little changed. Fed VC Brainard’s comments help cap interest rates.

Sentiment remained upbeat, the US dollar lower and the S&P500 up 0.9% during the partial US market holiday. Minor changes to China’s Covid restrictions were announced on Friday, with later reports of a major support package for its property sector.

US inflation data was not as strong as feared, causing equities to rise (S^P500 +4.4%) and bond yields and the US dollar to fall sharply.

The US dollar broke a three-day losing streak after early US mid-term election results did not produce the major changes expected. Bond yields were mixed, and the S&P500 is down 1.7%.

The US dollar fell further ahead of the US mid-term election results, bond yields also falling. The S&P500 was up around 1% for much of the session, but has fallen to flat on the day.

The US dollar fell further amid continuing speculation that China will relax its Covid policies. Bond yields rose, while the S&P500 is up 0.4%.

The US dollar fell sharply in the wake of a mixed US jobs report and further speculation that China would relax its Covid policies. The S&P500 closed up 1.4%, commodities rose sharply, and short-term bond yields fell slightly.

The Bank of England delivered a dovish hike, capping bond yields and helping lift the US dollar further. The S&P500 is down 0.4%.

The Fed hiked by 75bp, as was widely expected, the statement hinting at a slower pace ahead, but Powell’s press conference more hawkish. Bond yields and the US dollar fell and rose in response, while equities appeared disappointed with Powell’s tone, the S&P500 down 0.8%.

Bond yields and the US dollar bounced sharply following strong US economic data, reversing Asian session declines. The S&P500 is down 0.4%.