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7 July 2023
313 KB
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- Payrolls: moderating trend, but still firm
- Wage growth: inconsistent with two-percent inflation
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6 July 2023
274 KB
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- Bunds followed USTs lower as growth in German factory orders beat expectations but euro area retail sales merely moved sideways and the construction PMIs pointed to persisting contraction.
- Gilts also made significant losses as a BoE survey suggested that businesses upwardly revised their medium-term inflation expectations and also forecast wage growth to remain elevated over the coming year.
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6 July 2023
383 KB
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- International trade: narrowing in the monthly deficit; negative implications for Q2 GDP
- ISM services: rebound in June
- Job openings: decline in May, but still indicating firm demand for labor
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5 July 2023
306 KB
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- Bunds made losses even as euro area consumer price expectations for the coming year moderated and producer price inflation dropped into negative territory, while the final euro area composite PMI was revised lower to suggest stagnation.
- Gilts made larger losses as the UK PMIs remained consistent with ongoing expansion and sticky services inflation.
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5 July 2023
246 KB
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- FOMC minutes: “almost all” participants supported a pause, but more tightening likely in 2023
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4 July 2023
260 KB
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- Bunds made gains at the short end of the curve but losses at the longer end while German exports remained subdued in May leaving net trade on track to subtract from GDP growth in Q2.
- Gilts made gains across the curve on a quiet day for economic news from the UK.
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30 June 2023
390 KB
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- Bunds largely made modest gains as euro area inflation broadly aligned with expectations, with a notable drop in the headline rate while the core rate ticked slightly higher.
- Shorter-dated Gilts made losses while updated Q1 GDP data showed an upwards revision to private sector capex, while profits outpaced pay.
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30 June 2023
477 KB
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- Monetary policy update: hawkish comments by Powell affirm dot plot projections
- PCE price index: little moderation in underlying inflation
- Personal income & consumption: firm income growth, but spending stalls
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