US futures gain, bond rally paused as Fed eyed: markets wrap

US equity futures and stocks posted modest gains Monday as investors prepared for a key Federal Reserve meeting later in the week. The rally in Treasuries appeared to lose steam.

S&P 500 futures signaled the gauge was poised to add to Friday’s fresh record. European equities opened higher, led by shares in energy firms. The benchmark 10-year yield inched up to around 1.47% after hitting three-month lows on Thursday amid the biggest weekly slide since December.

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Anxiety about the Fed’s plans to scale back monthly stimulus injections has ebbed and put bulls back in charge for now. Investors anticipate the central bank will reaffirm the pace of bond purchases this week, even if it delivers projections for interest-rate liftoff in 2023, according to economists surveyed by Bloomberg. The decision is due Wednesday.

“The FOMC continues to see the jump in inflation as transitory, and may acknowledge, even at the margin, that they are discussing the pace of monthly purchases but won’t yet commit to a date for slowing the purchases,” said Prudential Financial Inc. strategist Quincy Krosby in emailed comments.

Oil extended a run of three weekly gains on optimism that economic reopenings will boost summer demand in the US and Europe. Hedge funds boosted net-bullish positions to a nearly three-year high, according to the latest Commodity Futures Trading Commission data.

The dollar rose against all but two Group-of-10 peers. Meanwhile, Bitcoin jumped over the weekend after Elon Musk said Tesla would resume transactions with the cryptocurrency when mining it is done with more clean energy.

Here are some key events to watch this week:

  • NATO holds a summit on Monday
  • An EU-US summit takes place in Brussels on Tuesday
  • Data on US industrial production, producer prices and retail sales come Tuesday
  • The Federal Open Market Committee rate decision comes on Wednesday, with a news conference from Jerome Powell after
  • US President Joe Biden and Russia’s Vladimir Putin meet Wednesday in Geneva
  • US Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
  • Rate decisions come from Switzerland and Norway on Thursday
  • The Bank of Japan’s monetary policy decision is on Friday
© 2021 Bloomberg

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