Fundamentals aren't being fully priced in, as although the key measure of US inflation accelerated to its fastest pace in a year, traders took cover in Treasury bonds and other safe haven assets after the White House said Trump was weighing options in Syria. Elsewhere, the bipartisan effort that emerged in the US Congress protected special counsel Robert Mueller from being fired, a move that points to an escalation of political risk in the United States.
Fed minutes showed officials leaning toward a slightly faster pace of policy tightening at their March meeting, even as they saw clear "downside risks" to the largest economy from implementing trade tariffs on its counterparts. Tensions in the Middle East led most equity benchmarks in the region lower, but gave the Russian currency some relief following the surge in oil prices, which were recovering from their lowest level since 2016.
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