Firming risk appetite buoyed cycle-sensitive crude oil prices yesterday, with the benchmark WTI contract tracking stocks upward. Gold prices fell as the risk-on mood translated into higher bond yields, sapping the appeal of non-interest-bearing assets (as expected). Hopes for a breakthrough in US-China trade talks seemed to be at work after negotiators from Washington DC extended their stay in Beijing by a day. The spotlight now turns to the release of minutes from December’s FOMC meeting. Official forecasts released after that sit-down envisioned two interest rate hikes in 2019. For their part, financial markets are ... (full story)