Daily Market Commentary

March 20, 2019

A gauge of implied volatility for U.S. government bonds on Tuesday broke below its previous all-time low, set in 2017. The decline comes as policy makers are expected to lower their median projection for 2019
rate increases to just one, from the two anticipated in their last set of forecasts in December.

Emerging-market equities snapped a four-day rally, while currencies eked out modest gains as investors braced for the U.S. Federal Reserve to signal just one more rate hike for the year at its meeting on Wednesday, sustaining a risk-on mood that’s propelled gains this year.

Prime Minister Theresa May has asked the European Union for an extension to the Brexit deadline until June 30. It increases the chances that the U.K. could crash out of the bloc at the end of June, and could make for a tense meeting with European leaders on Thursday.

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