Daily Market Commentary

December 4, 2018

The rally in risk assets sparked by the trade truce faded as investors grew skeptical that the U.S. and China made any meaningful breakthrough. The Treasury yield curve continued to flatten and the dollar retreated.

Markets anticipate a slower tightening pace than the Fed has flagged. On Monday, a section of the U.S. Treasury yield curve inverted for the first time in more than a decade, while five-year inflation expectations were near the lowest in more than a year.

Italian authorities said Tuesday they had dismantled the rebuilt upper echelons of the Sicilian Mafia by arresting 46 people including the presumed new regional boss who took over after the death of the "boss of bosses" Salvatore "Toto" Riina.

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