Holding firm
• Limited moves. Equities mixed, bond yields drifted back, & the USD is little changed. AUD is close to where it was this time yesterday.• Low vol. Measures of equity & FX volatility are now well below average. Markets could be complacent to the macro & geopolitical risks still lurking.• AU CPI. The monthly CPI indicator due today. More info on services is provided. We think inflation could re-accelerate by more than expected. Limited moves across markets overnight with not much new information coming through to shift the dial. In contrast to the small rise across European equities US stocks...