The market is stuck in a holding pattern as nervousness washes out of the market following last week’s jolt by the Federal Reserve, which said it could raise rates by 2023, earlier than previously expected.
In economic news, Canadian retail sales fell by 5.7% in April from March, Statistics Canada said.
Data firm IHS Markit said its flash U.S.
The “high level of today’s surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,” said Jai Malhi, global market strategist at J.P.
Powell’s comments follow the Fed’s projection a week ago of an increase in interest rates as soon as 2023.
“People are plowing money into what has worked.