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USD

30 May 2023

Weekly Market Update

Exhibit 1 Spending remains remarkably strong. Personal consumption expenditures, nominal and real (chained 2012 dollars), billions USD Exhibit 2 Core inflation is subsiding too slowly. All Items, Core (All Items Excluding Food and Energy), Personal Consumption Expenditures Index, Annual Change, %, SA Exhibit 3 Financial conditions are stabilizing. Bloomberg Financial Conditions Index Exhibit 4 Payrolls look unlikely to crumble. Initial unemployment claims, thousands Exhibit 5 Rate expectations are climbing. Target rate probabilities by meeting. Exhibit 6 Across the front end. Futures-implied policy rate by meeting date, % Exhibit 7 Differentials are putting the yen under pressure. Indicative 12-Month USDJPY Forward...

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30 May 2023

Bulls Return Ahead of Vote on Debt Deal

A slow-motion relief rally continues to unfold across the financial markets as President Biden and House Speaker Kevin McCarthy make progress toward garnering the bipartisan support needed to pass this weekend’s debt limit deal. Equity futures are setting up for a strong open, Treasury yields are lower across the front and belly of the curve, and risk-sensitive currencies are climbing against the dollar. Many investors remain wary: some of the proposed bill’s embedded provisions are expected to take a toll on growth, and the Treasury’s renewed funding efforts are seen subtracting from overall market liquidity. We suspect these fears are...

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29 May 2023

Subdued holiday markets

• Holiday markets. Limited moves with the US, UK, & parts of Europe on holiday. In-principle agreement to raise US debt ceiling to be voted on over coming days.• Global data pulse. Global data flow picks up later this week. China PMIs (Weds), Eurozone CPI (Thurs) & US labour market report (Fri) in focus.• AUD consolidating. Global forces should act as a AUD headwind, offsetting support expected to be generated by upcoming local events. A quiet 24hrs across global markets with the US, UK, and some European countries on holiday, and no major economic data released. Across the markets that...

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28 May 2023

Debt ceiling deal (nearly) done

• US debt ceiling. An agreement to raise the ceiling looks to have been reached. It must now be voted on by both chambers of Congress.• Back to fundamentals. Removing a tail risk should see markets refocus on the policy outlook. US inflation is still too high. Another strong labour market report should be USD supportive.• AUD cross-currents. AUD found some support. Shift in relative interest rate expectations & softer global growth pulse likely to limit the AUD’s rebound. Markets ended last week on more positive footing, with equities rising (the US S&P500 rose 1.3% while the tech-focused NASDAQ outperformed...

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27 May 2023

US debt ceiling deal sets stage for modest relief rally

President Joe Biden and Republican House Speaker Kevin McCarthy have reached an agreement in principle to avert a US debt default that could have devastated the global economy and financial system.  Several major media organizations have reported the tentative deal will suspend the debt ceiling for two years, with domestic spending frozen near current levels even as outlays on defence and veteran affairs are increased. Firm details are not yet available, but informed opinions suggest work requirements under family assistance and food stamp programmes will be tightened, energy sector approval processes will be streamlined, and some newly-approved Internal Revenue Service...

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