The Economy New home sales surge but low inventory slows existing home sales in the US. The Bank of Canada starts to taper. Retail sales rebound in the UK as broader activity accelerates. The ECB steps up asset purchases but otherwise makes no changes to policy parameters. Japan’s service activity still down. Restaurant (retail) sales increase in Australia.
The Market Global equities retreat. Mixed and modest moves in bond yields. Dollar moves in a tight range ahead of FOMC meeting. Strong PMIs help oil pare losses.
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