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14 Mar 2023

Past the worst?

• Risk sentiment improves. Equites and bond yields bounced back overnight, but the moves in FX have been more contained.• US inflation. Core inflation remains stubbornly high. Services prices remain the key driver. This points to further Fed rate hikes and a USD rebound.• AUD data flow. China data is released today. Tomorrow, the Australian labour force report is due. Positive data may give the AUD a short-term boost. After a few turbulent days the tone across markets was more positive overnight, though reports late in the session that a Russian fighter jet collided with a US drone did see...

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Still-Elevated Core Inflation Lifts Odds on Fed Hike Next Week

US consumer inflation slowed as expected last month, but underlying prices rose by slightly more than forecast, helping support odds on a quarter-point hike at next week’s Federal Reserve. According to data published by the Bureau of Labor Statistics this morning, the headline consumer price index rose 6.0 percent in February from the same period last year, up 0.4 percent on a month-over-month basis. This aligned tightly with estimates from economists polled by the major data providers ahead of the release. Energy costs slipped -0.7 percent month-over-month as a -7.9-percent drop in fuel oil offset a 1-percent rise in gasoline prices....

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Hope Springs

Markets are staging a cautious recovery after a three-day bout of selling drove equity indices into the red and triggered some of the biggest daily interest rate declines on record. US regional bank stocks appear destined for a more constructive open, with yesterday’s indiscriminate selling giving way to a more nuanced pickup in well-capitalized names. Treasury yields are climbing off the floor, and the dollar is rising against most its major counterparts. But damage has been done. Rate expectations have been reset lower across the global economy, financial conditions have tightened sharply, and the episode has likely inflicted a psychological...

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Buckle up, volatility should continue

Markets have hit an air pocket, with bonds in particular experiencing some extreme moves over recent days in reaction to the unfolding US regional banking situation. In our mind, the rather forceful emergency support measures unveiled yesterday by the US FDIC, Fed, and Treasury should help contain broader financial contagion risks. That said, while this should be somewhat of a short-term circuit breaker, and suggests that the scale and speed of the adjustment in some markets like bonds and the USD may be overdone, it doesn’t necessarily mean all is right in the world and that further market ructions shouldn’t...

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