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6 April 2022
580 KB
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- Longer-dated Bunds followed USTs lower as euro area producer price inflation rose to a new record high, but German factory orders fell short of expectations and the euro area construction PMIs fell sharply.
- Gilts also made losses while the UK construction PMI survey signalled ongoing solid expansion in the sector.
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6 April 2022
116 KB
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- FOMC minutes: open to shifts of 50 basis points...
- ...anxious to start balance sheet reduction
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5 April 2022
476 KB
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- As the EU looked to ban imports of Russian coal, Bunds followed USTs lower despite some downbeat data from the euro area’s manufacturing sector.
- With the final UK services PMIs pointing to firm growth at the end of Q1, Gilts also made big losses despite some weak car registration data.
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1 April 2022
223 KB
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- Employment: below average, but still solid.
- Unemployment: workers are returning to the labor force and finding jobs.
- ISM manufacturing: firm activity despite elevated prices and supply-chain difficulties.
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1 April 2022
594 KB
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- Bunds made losses as the flash estimate of euro area inflation in March smashed expectations, albeit principally due to higher energy prices.
- Gilts made more substantial losses at the shorter end while the UK manufacturing PMIs for March were revised down.
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1 April 2022
334 KB
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- Labor market: individuals are entering the labor market, and finding jobs.
- 10-year/2-year yield spread: recession signal or benign?
- Corporate profits: little growth in Q4, but still impressive.
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31 March 2022
156 KB
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- PCE inflation: food and energy under pressure; some easing in core.
- Income & consumption: soft in February; Q1 still firm.
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31 March 2022
607 KB
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- Bunds rallied as Chief Economist Lane emphasised that the ECB should be ready to adjust policy in either direction in response to events in Ukraine, French and Italian core inflation remained well-contained, and German and French spending data were relatively soft.
- Despite an upwards revision to UK GDP and further strong house price data, Gilts also made gains as real household disposable income fell for a third consecutive quarter in Q4.
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