Wage data finally looks to be strong enough to give the BoJ enough conviction to end ZIRP, but this is just the beginning. Finding the ‘normal’ level for rates will undoubtedly be tricky, but for now the market appears to be overly cautious. What the BoJ says about normalisation of rates will matter just as much as what they do in the next few months. For more see here
Holdings
- The State Street Holdings Indicators showed that long-term investor allocations to equities rose by 1.2 percentage points to 52.8%.
- Cash holdings fell by almost a percentage point in February and are now only 1% above their long-run average suggesting investors’ ‘dry powder’ is rapidly running out.
- Institutional investor equity holdings are now at a seven-month high and are only a percentage point below their highest reading in a decade.
RiskAppetite
- The State Street Risk Appetite Index rebounded to 0.18 from -0.09 revealing an improvement in risk bias across the month of February.
- After a cautious start to the year predicated by volatility in interest rate markets, institutional investors rediscovered their appetite for risky assets in February.
- Fading hopes of imminent reductions from the Fed are now having a diminishing impact on investor sentiment, which moved firmly back into positive territory in February.
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