Fed senior member expresses concern regarding recent bond market moves

Lael Brainard who was expected to take over as head of the US Treasury and may be the next Fed chief was the first Fed member to express worries about a too quick rise in bond yields. It could delay the reduction in the pace of asset purchases she said, which helped calming down renewed tensions on bond yields. US equity markets went down yesterday, but mainly on fears regarding the tech stocks’ high valuation. Asian markets have resumed their forward momentum. The EUR/USD exchange rate rebounded after having briefly plunged below 1.20. The UK budget, PMIs in services and the ADP report on private employment in the US are on the agenda today.