Following the release of disappointing US data and company earnings, we saw bond yields take a nosedive ahead of the FOMC policy decision later in the day. The benchmark US 10-year bond yield dropped to 3.95%, and this helped to underpin gold and silver, caused the USD/JPY to slip below 146.50. All of a sudden, the market pricing of rate cuts for 2024 jumped to 145 basis points compared to 130 bps earlier in the week, with the odds of a March cut rising back to 65% from around 45% before the data release. However, with the FOMC decision looming, I wouldn’t be surprised if these moves reverse. US data disappoints ADP ... (full story)