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10 May 2024
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- Bunds followed USTs lower despite confirmation from the ECB’s account from the April policy meeting that the Governing Council remains on track to cut rates in June.
- Gilts also made losses as UK GDP significantly beat expectations, recording the strongest quarterly growth since Q421.
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9 May 2024
347 KB
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- Gilts rallied at the shorter end of the curve as the BoE’s MPC signalled that it might cut Bank Rate in June while its inflation projection suggested that policy should be eased more aggressively than is currently priced by the markets.
- Bunds made losses on a quiet day for economic news from the euro area.
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8 May 2024
283 KB
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- Bunds made losses as data confirmed firm growth in German manufacturing and construction output in Q1.
- Longer-dated Gilts followed the global trend lower ahead of the BoE’s policy announcement.
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7 May 2024
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- While euro area retail sales figures reported the strongest growth in 18 months, Bunds followed the global trend higher as German factory orders disappointed at the end of Q1.
- Despite an upside surprise to the UK construction PMIs, Gilts also made gains as a retail survey suggested that sales growth momentum slowed sharply in April.
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3 May 2024
368 KB
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- Bunds followed USTs higher, while unemployment figures illustrated the ongoing resilience in the euro area’s labour market.
- Gilts also made gains on a quiet day for top-tier UK releases.
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1 May 2024
246 KB
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- FOMC: target range for the federal funds rate unchanged at 5.25 to 5.50 percent; lack of further progress on inflation
- QT: adjustments to Treasury redemption cap to allow for longer balance sheet runoff
- Powell press conference: policy well-calibrated to address two-sided risks; incoming data will dictate the path of policy
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1 May 2024
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- ISM manufacturing: soft performance in April, with contractions in orders and employment; prices jump
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30 April 2024
318 KB
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- Bunds made losses as euro area core inflation fell less than expected in April and GDP surprised on the upside in Q1.
- Gilts followed the global trend lower despite a further fall in a survey measure of UK high street inflation.
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