Traders are dialling back bets that the Federal Reserve will aggressively tighten monetary policy next year on concerns that the spread of the Omicron coronavirus strain could crimp the US economic recovery.
In just four trading days, market expectations have shifted from three quarter-point Fed rate rises by the end of next year to two, according to fed funds futures, a key tool for wagering on changes in the direction of US monetary policy.
The move in investor expectations, which has also been seen in UK markets, shows how the discovery late last week of the Omicron coronavirus variant has triggered a flare-up of uncertainty over how the pandemic will affect the global economy.
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