Jason Wong

A big upside surprise in US PPI plays to theme of stronger for longer inflation, keeping pressure on Fed to raise rates further. US Treasury yields rise

A big upside surprise in US PPI plays to theme of stronger for longer inflation, keeping pressure on Fed to raise rates further. US Treasury yields rise

Global rates sell-off continues as market prices in tighter US policy trajectory. NZ rates and NZD weaker after inflation expectations fall. Market homes in towards picking 50bps hike next week

Global rates sell-off continues as market prices in tighter US policy trajectory. NZ rates and NZD weaker after inflation expectations fall. Market homes in towards picking 50bps hike next week

No evident nerves ahead of Tuesday night's key US CPI release. EU commission upgrades outlook. Brutal sell-off in domestic rates market continues, back to pricing in an OCR peak around 5.5%

No evident nerves ahead of Tuesday night's key US CPI release. EU commission upgrades outlook. Brutal sell-off in domestic rates market continues, back to pricing in an OCR peak around 5.5%

Global and NZ rates continue to rise, capping off a poor week for the bond market; NZ 2-year swap rate up over 40bps for the week. JPY volatile after reports of a surprise imminent BoJ Governor appointment

Global and NZ rates continue to rise, capping off a poor week for the bond market; NZ 2-year swap rate up over 40bps for the week. JPY volatile after reports of a surprise imminent BoJ Governor appointment

Further UST curve inversion sees 2s10s spread at the most inverted since 1981, warning of pending economic recession. NZ rates much higher, while another failed government bond tender sees NZGB curve flattening

Further UST curve inversion sees 2s10s spread at the most inverted since 1981, warning of pending economic recession. NZ rates much higher, while another failed government bond tender sees NZGB curve flattening

NZ rates much higher, playing catch-up to global moves since Friday night; more upside today to catch up with RBA market reaction

NZ rates much higher, playing catch-up to global moves since Friday night; more upside today to catch up with RBA market reaction

Strong US payrolls and ISM services reports Friday night rock the market. Market adds another full 25bps Fed hike into the mix and sends rates much higher

Strong US payrolls and ISM services reports Friday night rock the market. Market adds another full 25bps Fed hike into the mix and sends rates much higher

Powell not seen as pushing back overly hard on the market's more dovish policy outlook. This gives market vindication to the view the tightening cycle is drawing to a close. Big rally in rates and equity markets gets extended. ECB and BofE hike +50 bps

Powell not seen as pushing back overly hard on the market's more dovish policy outlook. This gives market vindication to the view the tightening cycle is drawing to a close. Big rally in rates and equity markets gets extended. ECB and BofE hike +50 bps

Risk appetite weaker ahead of big week ahead filled with key economic releases, policy meetings and earnings reports. A big upside miss for Spanish CPI data drives higher European yields, spilling over elsewhere

Risk appetite weaker ahead of big week ahead filled with key economic releases, policy meetings and earnings reports. A big upside miss for Spanish CPI data drives higher European yields, spilling over elsewhere

Inflation heading in the right direction in the US; and the wrong direction in Japan. NZ rates reverse course after their falls post-CPI. Labour market data on Wednesday the next key local release

Inflation heading in the right direction in the US; and the wrong direction in Japan. NZ rates reverse course after their falls post-CPI. Labour market data on Wednesday the next key local release

US GDP up 2.9% but with a soft underbelly. US initial jobless claims push lower again. Modest gains for US equities. Treasury yields up 4bps for the day and USD modestly stronger

US GDP up 2.9% but with a soft underbelly. US initial jobless claims push lower again. Modest gains for US equities. Treasury yields up 4bps for the day and USD modestly stronger

Big day for NZ and Australia, with Q4 CPI reports, which will shape rate hike expectations for upcoming meetings. NZD hovers around 65 USc. Euro area and US services PMIs improve

Big day for NZ and Australia, with Q4 CPI reports, which will shape rate hike expectations for upcoming meetings. NZD hovers around 65 USc. Euro area and US services PMIs improve

Solid gains in US equities again and US 10-year rate up through 3.5%. Currency moves modest but JPY notably weaker again

Solid gains in US equities again and US 10-year rate up through 3.5%. Currency moves modest but JPY notably weaker again

Equities higher, global rates higher and commodity currencies outperform. JPY underperforms on higher rates backdrop. NZ rates higher bouncing off multi-month low

Equities higher, global rates higher and commodity currencies outperform. JPY underperforms on higher rates backdrop. NZ rates higher bouncing off multi-month low

US reaches debt ceiling and US Treasury begins special measures to keep paying the bills. Notable falls in US and Australian rates yesterday on weaker data drag down NZ rates. NZ 10-year NZGB closes at lowest level since August

US reaches debt ceiling and US Treasury begins special measures to keep paying the bills. Notable falls in US and Australian rates yesterday on weaker data drag down NZ rates. NZ 10-year NZGB closes at lowest level since August

Very weak US retail sales and industrial production play to theme of economic recession; Soft PPI plays to theme of weaker inflationary pressure. As a spoiler on the inflation outlook, oil prices continue to recover with IEA forecasting record demand

Very weak US retail sales and industrial production play to theme of economic recession; Soft PPI plays to theme of weaker inflationary pressure. As a spoiler on the inflation outlook, oil prices continue to recover with IEA forecasting record demand

ECB mulls lower pace of rate hikes. US data weak. Eyes on Bank of Japan. NZ QSBO points to a deep local recession

ECB mulls lower pace of rate hikes. US data weak. Eyes on Bank of Japan. NZ QSBO points to a deep local recession

A strong start to the year for investors, with large gains in equities and meaty falls in global/domestic rates. USD starts the year on the backfoot; NZD/USD modestly higher for the year so far but underperforms on all the key crosses

A strong start to the year for investors, with large gains in equities and meaty falls in global/domestic rates. USD starts the year on the backfoot; NZD/USD modestly higher for the year so far but underperforms on all the key crosses

US Treasury rates higher. German business confidence higher, NZ consumer confidence low, but NZ rates market outperforms

US Treasury rates higher. German business confidence higher, NZ consumer confidence low, but NZ rates market outperforms

Equity markets spooked by hawkish Fed and ECB policy updates despite dialled-down 50bps hikes. Safe haven flows drive lower US 10-year rate and USD surges. Strong NZ GDP catches rates market off guard; NZ rates driven much higher

Equity markets spooked by hawkish Fed and ECB policy updates despite dialled-down 50bps hikes. Safe haven flows drive lower US 10-year rate and USD surges. Strong NZ GDP catches rates market off guard; NZ rates driven much higher

Another downside US CPI miss. Market pares Fed rate hike expectations. UST yields lower across the curve

Another downside US CPI miss. Market pares Fed rate hike expectations. UST yields lower across the curve

Risk appetite weaker ahead of a very busy week. COVID unleashed in China, straining hospitals - short-term economic hit but improved medium-term outlook

Risk appetite weaker ahead of a very busy week. COVID unleashed in China, straining hospitals - short-term economic hit but improved medium-term outlook

US equities fall further after rejection of brief move above its 200-day moving average. Brent crude goes sub USD80; falls in petrol prices will help rein in CPI inflation

US equities fall further after rejection of brief move above its 200-day moving average. Brent crude goes sub USD80; falls in petrol prices will help rein in CPI inflation

Good news is bad news - US Treasury yields much higher, US equities weaker, USD rebounds on surprisingly strong US ISM services index

Good news is bad news - US Treasury yields much higher, US equities weaker, USD rebounds on surprisingly strong US ISM services index