Saxo Group: This week's data could reprice U.S. interest rates

Charu Chanana, chief investment strategist at Saxo Group, said the market will see this week as a small "reset" of the US macro narrative, with employment and inflation data due in a narrow window that could quickly reprice interest rates. The Federal Reserve cut rates last week and expects another cut in 2026, but the market expects at least two more cuts next year. "If the data is mixed or slightly weaker than expected, then the soft landing narrative will remain in place, but this may not be enough of a backdrop to trigger a massive risk appetite rally. The real risk is a hawkish surprise. If inflation or employment data is hot, yields will move higher, and risk assets, especially long-term growth stocks, will feel this first." (Golden Ten)