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29 Feb 2024

29 Feb 2024

Sigh of relief

• Inflation focus. Strength in core inflation across Europe raised some concerns, but the US PCE deflator matched analyst predictions.• FX swings. There was a modest burst of intra-day FX vol overnight. The USD recouped its post PCE dip with month-end rebalancing a factor.• AUD & JPY. On net, AUD is little changed. Yesterday’s ‘hawkish’ BoJ rhetoric could be positive factor. A lower USD/JPY normally translates to a higher AUD. Inflation was in focus overnight with European country level readings and the US PCE deflator (the US Fed’s preferred gauge) released. The results generated a bit of intra-session volatility across...

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29 Feb 2024

Investors Heave Sigh of Relief As Worst Fears Go Unrealized

The Federal Reserve’s preferred inflation measure accelerated in January, helping further ratify the Federal Reserve’s cautious stance on rate cuts. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.4 percent in January from the prior month, bringing the three-month annualized pace up to 2.6 percent – still within the central bank’s target range but headed in the wrong direction. On a year over year basis, base effects saw core price growth slowing to 2.8 percent from 2.9 percent prior, closely aligning with consensus estimates.  The overall personal consumption expenditures index...

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29 Feb 2024

Markets Brace for US Inflation Print

Happy Leap Day to all who celebrate. With the Federal Reserve’s preferred measure of consumer price growth – and therefore the world’s most important inflation yardstick – set for release in less than half an hour, global markets are holding their collective breath. Core personal consumption expenditures inflation is thought to have doubled to 0.4 percent from a month earlier in January, with the gain flagged in advance by stronger-than-forecast increases in consumer and producer price indices. Ten-year Treasury yields are sitting near 4.31 percent, up a little over 4 basis points, equity futures are seeing incremental losses ahead of...

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