Asian shares got off to a mixed start on Monday as a disappointing U.S. payrolls report promised to keep policy there super-loose for longer, but also clouded the outlook for global growth and inflation.
Investors were still assessing the fallout from the September payrolls report which showed a much smaller increase in jobs than expected, but also a pick up in wages.The latter was enough to nudge longer-dated Treasury yields higher and steepen the yield curve, even as markets speculated the Federal Reserve might start tapering later.
"We still expect the Fed to signal tapering in September, but now expect it to begin in December not November. QE will likely end by the middle of 2022." The dollar remained sidelined on the yen at 109.76 , while the euro was firm at $1.1881 after hitting a five-week top of $1.1908 on Friday. "All other policy levers are likely to be left on hold, with inflation forecasts revised sharply up this year and next. Communication risks are high, and Lagarde will want to avoid sounding overly hawkish, instead emphasising 'persistence'."
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