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March 30th is in the books on Wall Street, and it has been a day characterised by a tentative return to the so-called Trump trade, with investors beginning to look beyond the administration's failure of a health care reform and toward the prospect of tax reform. Stock markets rose in the US with a notable boost for the financial sector, which is thought to benefit from pro-growth policies. More defensive sectors like utilities languished.
In bond markets, the yield, which moves inversely to price on the benchmark 10 year US Treasury, clawed its way up above its 100 day moving average, but continues to sit well below levels reached before the Fed surprised markets with more dovish sentiment than was expected at its most recent meeting. The US dollar also made a March high, having reached its lowest level for the year at the start of this week. Oil similarly continued its recent rally. Tomorrow marks the end of the first quarter. And that's the New York minute.
