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22 September 2023
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- Bunds made modest gains as the flash PMIs underscored the likelihood of contraction in euro area GDP in Q3.
- While UK retail sales and consumer confidence picked up, Gilts made gains as the flash PMIs signalled a more acute slowdown in services activity.
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21 September 2023
283 KB
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- Bunds made losses despite a larger-than-expected deterioration in euro area consumer confidence in September, while a French survey pointed to stable business conditions.
- As the BoE left interest rates unchanged, but maintained a tightening bias and announced an increase in the pace of reduction in its Gilt holdings, Gilts largely made losses.
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20 September 2023
322 KB
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- Ahead of this evening’s FOMC announcement, Bunds made modest gains as German producer price inflation fell to a record low.
- Gilts outperformed as UK inflation fell much more than expected, with the core rate down by the most in three years, opening the door significantly wider to a dovish BoE policy stance.
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20 September 2023
376 KB
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- FOMC: target range for the federal funds rate unchanged from July at 5.25 to 5.50 percent
- SEP: upward adjustment to growth; unemployment rate projections lower; inflation to target in 2026
- Dot Plot: signaling add’l hike of 25 basis points in 2023 and less easing in 2024-25
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19 September 2023
269 KB
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- Bunds made losses even as euro area headline inflation was revised slightly lower in August, while most measures of underlying price pressures continued to improve.
- Gilts bucked the global trend making modest gains on a quiet day for UK economic news.
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15 September 2023
506 KB
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- FOMC preview: a hawkish pause with new dot plot potentially signaling fewer cuts in out years
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14 September 2023
313 KB
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- Bunds rallied as the ECB raised rates but signalled the likelihood that the peak in rates has been reached.
- Gilts also rallied as a UK residential property market survey indicated an acceleration in house price declines over the summer.
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13 September 2023
250 KB
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- As a report suggested that the ECB would revise up its 2024 inflation projection tomorrow, Bunds made losses despite a larger-than-expected fall in euro area industrial production in July.
- Gilts rallied as UK GDP fell further than expected in July.
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