Macro Briefing: 22 April 2024

* Sticky inflation looks set for more confirmation in Friday’s PCE inflation data
* Oil prices fall on Monday as as Iran-Israel tensions ease
* China gold buying is a key reason for the metal’s recent rise
* The cost of owning a home in the US is the highest on record: Redfin
* US 10-year Treasury yield starts trading week near five-month high:

The US Dollar Index rose on Friday (Apr. 19) to its highest level since November. “The dollar is strengthening for a combination of reasons,” says Claudio Irigoyen, head of global economics at Bank of America. “It’s not only the Fed saying that it is not going to cut rates soon, which has caused markets to reprice. It’s also that the US economy is doing better than the rest of the main regional blocs, including the euro zone. Most of the surprises in growth keep coming from the US.”