Global signal: Latest US data supportive of likely hawkish Fed action

The latest US Data has come in very strong and the fed is now going to get very aggressive. The market pricing of what the fed will do in 2022 fell. It is 201 basis points for the full year. It is lower than where it was on Thursday.

S&P500 is down 1.5 percent, Nasdaq down 1.6 percent, oil is down 5 percent. On oil - the consensus seems to be that even this very large release of oil from the US Strategic reserves is not enough to kind of reverse the structural uptrend, which we are likely to see in oil prices. So it is a short term thing and they will kind of course correct higher once again.

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