Jason Wong
US core CPI up 4.0% y/y, in line with market expectations but not weak enough to encourage the market to price in any more easing next year
13th Dec 23, 7:57am
US core CPI up 4.0% y/y, in line with market expectations but not weak enough to encourage the market to price in any more easing next year
US Treasury yields push higher amidst a heavy supply week, yields up 4-5bps. Key US CPI report tonight. Yen falls on chatter the BofJ in no special hurry to scrap negative rates
12th Dec 23, 7:45am
US Treasury yields push higher amidst a heavy supply week, yields up 4-5bps. Key US CPI report tonight. Yen falls on chatter the BofJ in no special hurry to scrap negative rates
Lower oil prices and US employment data help extend the global bond market rally, led by the long end. Rates down to fresh multi-month lows. But muted price action for US equities and currency
7th Dec 23, 7:52am
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Lower oil prices and US employment data help extend the global bond market rally, led by the long end. Rates down to fresh multi-month lows. But muted price action for US equities and currency
RBA leaves policy unchanged, keeps weak tightening bias, disappointing the hawks and sending their rates and AUD lower. ECB's Schnabel turns from hawkish to dovish, sending European rates much lower. Spillover effects on US Treasuries
6th Dec 23, 8:08am
RBA leaves policy unchanged, keeps weak tightening bias, disappointing the hawks and sending their rates and AUD lower. ECB's Schnabel turns from hawkish to dovish, sending European rates much lower. Spillover effects on US Treasuries
Recent price action reverses, with US Treasury yields up 10-12bps from last week's close. Risk appetite weaker, with US equities down and USD broadly stronger
5th Dec 23, 7:54am
Recent price action reverses, with US Treasury yields up 10-12bps from last week's close. Risk appetite weaker, with US equities down and USD broadly stronger
Wholesale interest rates have fallen since Wednesday when the RBNZ warned of another rate hike
1st Dec 23, 2:52pm
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Wholesale interest rates have fallen since Wednesday when the RBNZ warned of another rate hike
Global bond market rally extends; US 10-year rate down to low of 4.25%. Market sceptical of RBNZ's higher-for-longer rate track; only modest lift in domestic rates and NZD reverses course overnight
30th Nov 23, 7:53am
Global bond market rally extends; US 10-year rate down to low of 4.25%. Market sceptical of RBNZ's higher-for-longer rate track; only modest lift in domestic rates and NZD reverses course overnight
Fed speaker conveys on-hold policy message, "increasingly confident that policy is currently well-positioned", signals path to easier policy next year - just what the bond market wanted to hear
29th Nov 23, 7:56am
Fed speaker conveys on-hold policy message, "increasingly confident that policy is currently well-positioned", signals path to easier policy next year - just what the bond market wanted to hear
Americans return from holiday break to lower rates across Europe and US Treasury yields down 3-4bps from last week's close, 10-year rate down 7bps
28th Nov 23, 7:43am
Americans return from holiday break to lower rates across Europe and US Treasury yields down 3-4bps from last week's close, 10-year rate down 7bps
European bond yields push higher from stronger than expected PMIs, hawkish ECB commentary and prospect of increased German bond supply as the government looks to suspend the "debt brake". Other markets quiet
24th Nov 23, 7:50am
European bond yields push higher from stronger than expected PMIs, hawkish ECB commentary and prospect of increased German bond supply as the government looks to suspend the "debt brake". Other markets quiet
US data weren’t market-friendly, sending US Treasury yields higher, reversing earlier declines. The data also gives the USD some broad support. Oil prices lower as OPEC+ squabbles over future production levels
23rd Nov 23, 7:47am
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US data weren’t market-friendly, sending US Treasury yields higher, reversing earlier declines. The data also gives the USD some broad support. Oil prices lower as OPEC+ squabbles over future production levels
Stronger Asian currencies means the USD/JPY breaks below 148, playing catch-up to recent fall in US rates. US 10-year rate consolidates near 4.4%
22nd Nov 23, 7:53am
Stronger Asian currencies means the USD/JPY breaks below 148, playing catch-up to recent fall in US rates. US 10-year rate consolidates near 4.4%
US Treasury yields are lower, following a series of weaker US economic indicators. Oil prices plunge close to 5%. Strong demand for NZ bonds continues, seeing NZ-US 10-year spread down to 48bps; NZ 2-year swap continues to push lower
17th Nov 23, 7:43am
US Treasury yields are lower, following a series of weaker US economic indicators. Oil prices plunge close to 5%. Strong demand for NZ bonds continues, seeing NZ-US 10-year spread down to 48bps; NZ 2-year swap continues to push lower
US Treasuries reverse course, with 10-year rate up 10bps on the day following yesterdays 19bps drop. US data consistent with soft landing, disinflationary narrative; retail sales soft but better than expected, while PPI much weaker than expected
16th Nov 23, 7:54am
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US Treasuries reverse course, with 10-year rate up 10bps on the day following yesterdays 19bps drop. US data consistent with soft landing, disinflationary narrative; retail sales soft but better than expected, while PPI much weaker than expected
Oil prices show the largest moves; Brent crude down over 2% to go sub-USD80 per barrel. NZ rates follow prior offshore moves to close at fresh multi-week/month lows
9th Nov 23, 8:03am
Oil prices show the largest moves; Brent crude down over 2% to go sub-USD80 per barrel. NZ rates follow prior offshore moves to close at fresh multi-week/month lows
US equities consolidate last week's hefty gains. US Treasury yields push higher, after last week's hefty fall. The RBA, the laggard of the global policy cycle, likely to hike
7th Nov 23, 7:40am
US equities consolidate last week's hefty gains. US Treasury yields push higher, after last week's hefty fall. The RBA, the laggard of the global policy cycle, likely to hike
Market expectations of Official Cash Rate settings leaning towards cuts after the increase in unemployment this week
2nd Nov 23, 2:11pm
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Market expectations of Official Cash Rate settings leaning towards cuts after the increase in unemployment this week
US Fed leaves rates on hold for a second consecutive meeting. US Treasury's quarterly refunding announcement notes intention to slow pace of longer term debt issuance which drives much lower Treasury yields, led by the long end
2nd Nov 23, 8:25am
US Fed leaves rates on hold for a second consecutive meeting. US Treasury's quarterly refunding announcement notes intention to slow pace of longer term debt issuance which drives much lower Treasury yields, led by the long end
BoJ loosens grip on yield curve control policy. Despite that, the yen shows a notable decline. US employment cost index slightly higher than expected. Euro area data shows economic contraction in Q3 and weaker inflation
1st Nov 23, 7:48am
BoJ loosens grip on yield curve control policy. Despite that, the yen shows a notable decline. US employment cost index slightly higher than expected. Euro area data shows economic contraction in Q3 and weaker inflation
Risk appetite starts week on a positive note. Oil prices down 3%. Eyes on bank of Japan. US Treasury markets jittery
31st Oct 23, 7:46am
Risk appetite starts week on a positive note. Oil prices down 3%. Eyes on bank of Japan. US Treasury markets jittery
Softer European PMIs, stronger US PMIs support stronger USD. NZD/AUD grinds down further. US 10-year rate sustains the fall to below 5%
25th Oct 23, 7:49am
Softer European PMIs, stronger US PMIs support stronger USD. NZD/AUD grinds down further. US 10-year rate sustains the fall to below 5%
Wild price action in the bond market; US 10-year rate trades as high as 5.02% before sharply plunging to 4.83%. US equities weak until sharp fall in rates drives strong recovery off the low
24th Oct 23, 7:48am
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Wild price action in the bond market; US 10-year rate trades as high as 5.02% before sharply plunging to 4.83%. US equities weak until sharp fall in rates drives strong recovery off the low
Whippy markets during Powell speech as US 10-year trades a fresh high for the cycle. NZ long-term rates follow global moves and close at fresh highs
20th Oct 23, 8:09am
Whippy markets during Powell speech as US 10-year trades a fresh high for the cycle. NZ long-term rates follow global moves and close at fresh highs
Global bonds markets under pressure with US treasuries making fresh multi-year highs ahead of a widely anticipated speech by Fed Chair Powell. Oil prices higher. The Chinese economy expanded 4.9% in Q3, faster than expected
19th Oct 23, 7:54am
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Global bonds markets under pressure with US treasuries making fresh multi-year highs ahead of a widely anticipated speech by Fed Chair Powell. Oil prices higher. The Chinese economy expanded 4.9% in Q3, faster than expected
Much stronger than expected US retail sales data and recovery in industrial production play to economic resilience narrative. US Treasury yields higher across the curve
18th Oct 23, 8:04am
Much stronger than expected US retail sales data and recovery in industrial production play to economic resilience narrative. US Treasury yields higher across the curve