FxWirePro: Daily Commodity Tracker - 21st March, 2022 
U.S. Stock Futures Slip After CPI-Fueled Rally as Markets Weigh Economic Uncertainty 
Kevin Hassett Says Inflation Is Below Target, Backs Trump’s Call for Rate Cuts 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
U.S. Stocks End Week Higher as Tech Rally Offsets Consumer Weakness 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
BOJ Poised for Historic Rate Hike as Japan Signals Shift Toward Monetary Normalization 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
EU Approves €90 Billion Ukraine Aid as Frozen Russian Asset Plan Stalls 
The U.S. Treasuries rose during late European session Tuesday as investors wait to watch Federal Reserve Chairman Jerome Powell’s scheduled testimony on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC, today at 15:00GMT, besides, the 7-year Note auction, due today by 18:00GMT.
The yield on the benchmark 10-year Treasury yield slipped nearly 1-1/2 basis points to 2.661 percent, the super-long 30-year bond yields traded tad lower at 3.030 percent and the yield on the short-term 2-year remained 1 basis point down at 2.496 percent by 11:30GMT.
All eyes later on will be on Fed Chair Powell, as he finally gets to give his delayed semi-annual testimony on monetary policy to Congress, with today’s session to be conducted in front of the Senate Banking Panel. Whether this adds to the markets’ stock of knowledge on the Fed’s policy reaction function might, however, seem doubtful, Daiwa Capital Markets reported.
The FOMC is seemingly split on what might be required to justify a further rate hike this year, but the last set of Committee minutes having indicated that security redemptions would likely end ‘at some point over the latter half of this year’.
Nevertheless, while he has been relatively consistent in his message this year, Powell’s record on communication over past quarters was somewhat erratic, so today might yet throw up a surprise for the markets.
Data-wise, meanwhile, the focus will be on the housing sector, where momentum has been lost in the face of past rate hikes. Housing starts and permits data and the S&P CoreLogic Case Shiller house price index, all for December, are due today, the report added.
Meanwhile, the S&P 500 Futures edged 0.33 percent lower to 2,787.88 by 11:35GMT, while at 11:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -22.42 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
