A look at the day ahead in markets from Mike Dolan.
also rallied for a second day and were up almost 4% early on Tuesday - following losses of up to 20% over the turbulent two weeks.was also up almost 4% and there were gains in many so-called AT1 bonds - junior bank debt at the eye of the Credit Sussie workout storm as investors in these bonds were wiped out even as shareholders got something from the UBS deal.across banking stocks and bonds seemed to hold, interest rate markets readjusted and focused squarely on Wednesday's Fed decision.
Futures markets that had only 24 hours ago doubted the Fed would hike rates again in this cycle, now see an 80% chance of another quarter point rate rise this week. They still price up to half a point of rate cuts from there to year-end, although that's half of what was priced early on Monday.Wildly volatile U.S. Treasury markets also appeared to find a level, with 2-year Treasury yields climbing back above 4% from as low as 3.63% yesterday.
The MOVE has recorded its biggest monthly rise since the banking crash of 2008 and is more than twice the average level of the last 20 years.
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