Bloomberg also found that European dollar futures and options trading activity showed that bond market investors lost confidence in the Fed raising interest rates four times this year. Investment bank Jefferies money market economist Thomas Simons said that many people began to doubt the rate hike path after June. The European dollar option, which was bullish in December 2018, closed nearly 50,000 contracts in the morning session of US stocks on Tuesday. Marc Chandler, head of foreign exchange trading strategy at Brown Brothers Harriman, an investment bank, said that European market turmoil has caused US interest rates, including short-term, to fall, superimposing on the dollar, and the Fed may have to reconsider the interest rate hike. Chris Rupkey, chief financial economist at MUFG Union Bank, said that Italy is the last straw to overwhelm the European "camel". As an important trading partner of the United States, the loss of growth momentum in Europe is also not conducive to the economic prospects of the United States. Both analysts believe that the market basically fully accounts for the possibility of the Fed raising interest rates by 25 basis points in June, thanks to the strong US job market and the inflation rate steadily moving towards the 2% Fed target, but starting in September. The interest rate hike is no longer clear. If Italy re-elects in the summer, it will increase market turmoil and even pose risks to the US real economy. The UK's Financial Times data showed that the market's safe-haven demand for US debt surged, and the two-year and 10-year US Treasury yield spreads fell to 42 basis points on Tuesday, the flattest since the end of 2007. The 10-year US Treasury yield fell 15.04 basis points in late New York, the largest one-day drop since the UK's Brexit referendum in June 2016. The upside down of the yield curve usually implies a recession. Reuters also quoted analysts as saying that the European Central Bank is likely to suspend its plan to close the 2.55 trillion euros of debt purchases in September. If the ECB extends monetary stimulus, it will also reduce the possibility that the Fed will raise interest rates four times this year. Market turmoil has led investors to lower their expectations of other central banks tightening policies. The European Central Bank began to raise interest rates in the middle of next year, and the probability of the Bank of England raising interest rates in November has fallen. JJ Kinahan, chief market strategist at TD Ameritrade, said that the uncertainty of the Fed’s actions after the FOMC meeting in June rose, and the Fed was at a crossroads, swaying between keeping hawks or turning into doves. The 10-year US bond yield rose by more than 3% in early May, while the German bond yield was 0.5%. When the yield of US bond yields far exceeds the non-US bond yield, it will have a negative impact on US exports. But if the Fed’s rate hike slows, the rise in US bond prices and lower yields will reduce the attractiveness of overseas buyers. Gregory Daco, head of US macroeconomic research at Oxford Economics, said that US economic data has no suspense in raising interest rates in June, and the Fed can wait for the summer to make judgments because there is enough time to wait for external noise to dissipate. At least three Fed officials worry that the US bond yield curve is upside down, and perhaps the reason for the Fed to wait and see.An LED street light module is a lighting device that utilizes light-emitting diodes (LEDs) to produce illumination for outdoor street lighting applications. It typically consists of a group of high-power LEDs mounted on a circuit board, along with a heat sink and a lens or reflector to direct the light output. LED street light modules are known for their energy efficiency, long lifespan, and superior brightness compared to traditional street lights. They are also highly customizable, allowing for different color temperatures, beam angles, and dimming options. LED street light modules are commonly used in urban areas to provide safe and efficient lighting for pedestrians and motorists.
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