Global Markets Breathe Sigh Of Relief As China Relaxes Covid Rules

With all the bad news that has dominated the airwaves in recent months it was very welcome to see that US CPI rose significantly less than expected in October to its lowest level since January, prompting a huge relief rally in stocks, bonds as well as a sharp selloff in the US dollar. The rally was given added legs by at least three Fed speakers, Dallas Fed President Lorie Logan, Philadelphia Fed President Patrick Harker, and San Francisco Fed President Mary Daly, who indicated that a slower pace of rate hikes might be appropriate. US headline…