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25 September 2023
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- Bunds had a mixed performance, as Lagarde reiterated that the ECB’s policy stance will stay restrictive for as long as necessary, but a German business survey continued to offer a relatively bleak assessment.
- Gilts followed the global trend lower, while a UK retail survey beat expectations, reporting a notably softer pace of decline.
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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
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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
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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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