Traders see a July hike as pretty much assured, but it’s still a coin toss whether there will be another after that.
There are no fewer than four U.S. labour market reports due in the next 48 hours, culminating with Friday’s U.S. non-farm payrolls.
Meanwhile, the U.S. Treasury secretary touches down to start a three-day China visit. It’s currently a balmy 36 degrees Celsius in Beijing, but the atmosphere is decidedly frosty after the usual red carpet was replaced with a warning that curbs on shipments of gallium and germanium were a “well thought-out heavy punch”, but also “just a start”.
China says it’s not targeting any particular country, but the United States – with help from somewhat less-keen allies in Japan and the Netherlands – has ramped up restrictions on chip-tech trade with China for months.
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Graphics are produced by Reuters.
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Another tech war is also heating up between billionaires Mark Zuckerberg and Elon Musk.
Zuckerberg has been live, um, threading that sign-ups for the potential Twitter-killing app Threads passed 5 million in the first four hours.
No updates on the pair’s proposed cage match.
Britain will report construction PMIs for June later in the day, as will Germany, which also has factory order figures for May on the release schedule.
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/cloudfront-us-east-2.images.arcpublishing.com/reuters/OHOA6BTA2JPHDKC3D7FGCBWM6Y.jpg "Fed hawks, China tensions keep markets under pressure 40")
