Markets are travelling with a spring in their step ahead of the US Thanksgiving holidays. US equities are higher, UST yields are lower with declines led by the belly of the curve while the USD is broadly weaker. Investors have focused their attention on Fed messaging emphasising the likely need to move toward a lower pace of hikes while better than expected company earnings reports also buoyed sentiment. Unsettling covid news from China have taken a back seat while the market awaits news on Russia oil price cap. Maybe it is just the holiday spirit, but US equity investors are certainly looking at the glass half full ... (full story)