Jason Wong

US Treasury yields fell for a fourth successive day, seeing the 10-year rate down towards 4.3%, supported by safe-haven flows after some surprising emerging market election results, lower oil prices, and softer US labour market data

US Treasury yields fell for a fourth successive day, seeing the 10-year rate down towards 4.3%, supported by safe-haven flows after some surprising emerging market election results, lower oil prices, and softer US labour market data

US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve

US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve

A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose

A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose

US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed

US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed

Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher

Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher

More hawkish commentary from Fed speakers hasn’t perturbed the rates market, with US Treasury yields easing. Lower Canadian CPI inflation increases chance of BoC rate cut next month

More hawkish commentary from Fed speakers hasn’t perturbed the rates market, with US Treasury yields easing. Lower Canadian CPI inflation increases chance of BoC rate cut next month

US Treasury yields up slightly, US equities up modestly and modest currency movements. More action in other markets, including record highs for copper and gold; NZ ETS carbon price slumps

US Treasury yields up slightly, US equities up modestly and modest currency movements. More action in other markets, including record highs for copper and gold; NZ ETS carbon price slumps

US Treasuries see yields steadily higher, reversing the fall seen following the US CPI release the previous night. This hasn’t perturbed equity markets, with the Dow Jones index breaking 40,000 for the first time

US Treasuries see yields steadily higher, reversing the fall seen following the US CPI release the previous night. This hasn’t perturbed equity markets, with the Dow Jones index breaking 40,000 for the first time

Markets remain in a holding pattern ahead of key US CPI release. Much higher than expected US PPI in April, but only a short-lived market reaction, given downward revisions. Biden announces range of tariffs on Chinese imports

Markets remain in a holding pattern ahead of key US CPI release. Much higher than expected US PPI in April, but only a short-lived market reaction, given downward revisions. Biden announces range of tariffs on Chinese imports

Consolidation everywhere as markets await US CPI. Various NZ economic data released continued the recent theme of an economy going backwards and inflation pressure receding

Consolidation everywhere as markets await US CPI. Various NZ economic data released continued the recent theme of an economy going backwards and inflation pressure receding

Much weaker than expected US initial jobless claims figures triggered lower US Treasury yields and a weaker USD, although moves have been modest. The BoE signalled a rate cut was soon coming

Much weaker than expected US initial jobless claims figures triggered lower US Treasury yields and a weaker USD, although moves have been modest. The BoE signalled a rate cut was soon coming

US Treasury yields continue to edge lower, with the 10-year rate down to a four-week low. The USD is stronger. A slightly less hawkish than expected RBA policy update sent Australian rates and the AUD lower

US Treasury yields continue to edge lower, with the 10-year rate down to a four-week low. The USD is stronger. A slightly less hawkish than expected RBA policy update sent Australian rates and the AUD lower

RBA policy update later today. Global rates are slightly lower. Yen weaker after last week’s strong recovery. Oil flat amidst ceasefire proposal talk for Gaza

RBA policy update later today. Global rates are slightly lower. Yen weaker after last week’s strong recovery. Oil flat amidst ceasefire proposal talk for Gaza

US Treasury yields fall further in the aftermath of the Fed's policy update; US 10-year rate down to 4.57%, first rate cut fully priced brought forward to November. Yen strengthens in the aftermath of further official intervention

US Treasury yields fall further in the aftermath of the Fed's policy update; US 10-year rate down to 4.57%, first rate cut fully priced brought forward to November. Yen strengthens in the aftermath of further official intervention

The Fed’s policy update brought no surprises and little initial market reaction, but US rates and the USD fell when Powell said a rate hike "unlikely". NZ jobless rate rose to 3-year high, as expected, so little net market reaction

The Fed’s policy update brought no surprises and little initial market reaction, but US rates and the USD fell when Powell said a rate hike "unlikely". NZ jobless rate rose to 3-year high, as expected, so little net market reaction

JPY in focus, after the yen crated before strongly rebounding, with signs of official intervention to support the currency. The USD is broadly weaker. Global rates modestly lower

JPY in focus, after the yen crated before strongly rebounding, with signs of official intervention to support the currency. The USD is broadly weaker. Global rates modestly lower

An anti-Goldilocks US GDP report; weaker growth and higher inflation than expected. GDP up 1.6%, core PCE deflator up 3.7%. Rates market more focused on the inflation story, seeing a further paring of US rate cut expectations

An anti-Goldilocks US GDP report; weaker growth and higher inflation than expected. GDP up 1.6%, core PCE deflator up 3.7%. Rates market more focused on the inflation story, seeing a further paring of US rate cut expectations

Risk appetite higher with US equities rebounding. Commodity currencies outperform. NZD consolidating above the 0.59 mark and flat to higher on the key major cross rates

Risk appetite higher with US equities rebounding. Commodity currencies outperform. NZD consolidating above the 0.59 mark and flat to higher on the key major cross rates

US equities down modestly; US Treasury yields have pushed higher, with a stronger Philly Fed survey and hawkish Fed-speak not helping

US equities down modestly; US Treasury yields have pushed higher, with a stronger Philly Fed survey and hawkish Fed-speak not helping

Modest risk-off tone in the air; US equities weaker, US Treasury yields lower, credit spreads wider and oil prices weaker. NZD and AUD the best performers. Rates rise post-CPI

Modest risk-off tone in the air; US equities weaker, US Treasury yields lower, credit spreads wider and oil prices weaker. NZD and AUD the best performers. Rates rise post-CPI

Markets continue to trade with a cautious tone, with Israel vowing to retaliate against Iran’s weekend attack. US equities down about 1%; oil prices barely lower. US Treasury yields reach fresh 2024 highs

Markets continue to trade with a cautious tone, with Israel vowing to retaliate against Iran’s weekend attack. US equities down about 1%; oil prices barely lower. US Treasury yields reach fresh 2024 highs

US equities bounce back. US Treasury yields show only small movements, with a modestly steeper curve. Little impact from the ECB's in-line policy update

US equities bounce back. US Treasury yields show only small movements, with a modestly steeper curve. Little impact from the ECB's in-line policy update

US Treasury yields shift back from 2024 highs ahead of key US CPI report. Local QSBO revealed weak conditions consistent with recession. Focus now on RBNZ

US Treasury yields shift back from 2024 highs ahead of key US CPI report. Local QSBO revealed weak conditions consistent with recession. Focus now on RBNZ

US rates push up to fresh year-to-date highs as investors continue to push out the timing and scope of US Fed rate cuts this year. NZ rates follow up, with swap rate rises boosted

US rates push up to fresh year-to-date highs as investors continue to push out the timing and scope of US Fed rate cuts this year. NZ rates follow up, with swap rate rises boosted

Risk appetite higher ahead of the key US employment report tonight; S&P500 up while Treasury yields show little net movement. AUD rises so that NZD/AUD fell to a 9-month low overnight

Risk appetite higher ahead of the key US employment report tonight; S&P500 up while Treasury yields show little net movement. AUD rises so that NZD/AUD fell to a 9-month low overnight