The US dollar rose, helped by hawkish Fed comments, but bond yields fell slightly and equities rose slightly (S&P500 +0.2%).

Sentiment weakened slightly amid a mix of strong UK inflation, solid US retail sales data, and geopolitical news. The Fed minutes were a calming influence later in the session. The S&P500 is down 0.7%, and bond yields and the US dollar are higher.

Solid US industrial production data helped bond yields rise, while currencies and equities were little changed.

The combination of yesterday’s weak Chinese data and surprise rate cut, plus weak US data overnight, weighed on global bond yields. The defensive US dollar rose, while equities appeared to remain hopeful the Fed would slow down, the SP500 up 0.4%.

US equities continued to rise on expectations that inflation may have peaked and Fed tightening may slow, the S&P500 closing up 1.7% - a three-month high. Bond yields were mixed – short maturities rising slightly and long maturities falling slightly. Currencies were also mixed, the US dollar slightly higher overall.

US equities were contained, the S&P500 unchanged on the day. Currencies were also contained, the USD only slightly lower. Longer maturity bonds yields rose, though, perhaps speculating on the inflationary consequences of a Fed slowdown.

Eagerly awaited US inflation data was not as strong as feared, boosting equities (S&P500 +2.1%) and depressing bond yield and the US dollar. The AUD and NZD outperformed.

US interest rates rose slightly further after strong wage inflation data, and equities fell (S&P500 -0.4%). Currencies were mostly contained.

Markets pared the positive USD and bond yield reactions to Friday’s strong jobs data. The S&P500 is down 0.1% on the day.

US jobs data was much stronger than expected, and bond yields and the US dollar rose in response. Equities initially fell, but mostly recovered to see the S&P500 close down 0.2%.