• Markets consolidate Fed induced losses ahead of monetary policy announcements from BoE, SNB.
• S&P 500 Futures pare the biggest daily loss in two weeks, yields struggle after falling the most in a week.
• Fears emanating from banking fallouts weigh on sentiment even as Fed marches 0.25% rate hike expectations.
• Comments from US Treasury Secretary Yellen, doubts over SVB renew banking woes.

Global markets pare recent pessimism during Thursday’s sluggish session as Fed-induced moves need validation from the Bank of England (BoE) and Swiss National Bank (SNB). Above all, the banking turmoil challenges the optimists despite the latest cautious optimism in the market, mainly backed by the US Federal Reserve’s (Fed) dovish hike.

While portraying the mood, S&P 500 Futures print mild gains around 3,980, up 0.25% intraday following the biggest daily slump in two weeks. In doing so, the US stock futures pare the previous day’s U-turn from a 12-day high. That said, the US 10-year and two-year Treasury bond yields stay pressured around 3.47% and 3.96% at the latest, licking their wounds after falling the most in a week.