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10 April 2024
385 KB
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- CPI: jump in energy & pressure in core services
- The March CPI suggests the FOMC on hold until at least June
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10 April 2024
249 KB
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- FOMC minutes: significant progress on inflation, although recent readings firmer than expected
- The Fed’s balance sheet: likely upcoming changes to QT
- Staff projections: uncertainty around baseline projections “diminished substantially”
- In light of the March CPI, potential cuts may be delayed further
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9 April 2024
311 KB
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- Bunds followed USTs higher while the ECB’s Bank Lending Survey reported a further drop in demand for business loans amid a further tightening of credit standards.
- Gilts also made gains despite a firm survey of UK retail sales.
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8 April 2024
232 KB
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- Bunds made losses as German industrial production data beat expectations and the Sentix survey pointed to a further significant improvement in investor perceptions of the economic outlook.
- Gilts made somewhat smaller losses as the KPMG/REC survey of recruitment consultants reported that UK pay growth continues to moderate amid a rise in candidate availability and a decline in recruitment activity.
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5 April 2024
345 KB
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- Bunds followed USTs lower despite some soft data for euro area retail sales and German factory orders and weak construction PMIs.
- Gilts also made losses while the UK construction PMIs suggested some stabilisation in activity at the end of Q1.
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5 April 2024
554 KB
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- March employment: strong job growth; ongoing easing in supply-demand imbalances
- Average hourly earnings: modest deceleration in wage growth
- Production hours: suggesting moderate economic growth in Q1
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4 April 2024
358 KB
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- Bunds made gains as the account of the ECB’s March policy meeting suggested that it was “wise to await incoming data and evidence” but also that “the date of a first rate cut [was] coming more clearly into view”.
- Gilts also made gains as a BoE survey reported a further moderation of business wage and price expectations.
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3 April 2024
278 KB
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- While the flash March estimate of euro area inflation surprised slightly to the downside, shorter-dated Bunds made modest losses as services inflation remained sticky at double the ECB’s 2% target.
- Gilts made gains on a quiet day for UK economic releases.
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