Jason Wong

USD weaker and UST yields lower in the aftermath of Powell speech, which was less hawkish than feared. Global forces see lower NZ rates and paring of RBNZ rate hike expectations

USD weaker and UST yields lower in the aftermath of Powell speech, which was less hawkish than feared. Global forces see lower NZ rates and paring of RBNZ rate hike expectations

Global equities higher, global rates lower, USD weaker. China's new COVID cases reach record high, but market unperturbed. NZ rates curve lower and flatten, retracing some of post-MPS move

Global equities higher, global rates lower, USD weaker. China's new COVID cases reach record high, but market unperturbed. NZ rates curve lower and flatten, retracing some of post-MPS move

Market more sensitive to weaker than stronger data releases. Softer US PMIs and higher jobless claims push US rates and USD lower. NZ rates curve much higher and flatter on hawkish RBNZ signals

Market more sensitive to weaker than stronger data releases. Softer US PMIs and higher jobless claims push US rates and USD lower. NZ rates curve much higher and flatter on hawkish RBNZ signals

Risk appetites rise ahead of US Thanksgiving holiday, expecting Fed pivot. China's pandemic spreads. Eyes on RBNZ

Risk appetites rise ahead of US Thanksgiving holiday, expecting Fed pivot. China's pandemic spreads. Eyes on RBNZ

US Treasury yields push higher and curve flattens, sending 2s10s to most inverted in over forty years, producing strong economic recession signal. US leading index falls for eight consecutive month

US Treasury yields push higher and curve flattens, sending 2s10s to most inverted in over forty years, producing strong economic recession signal. US leading index falls for eight consecutive month

Market retraces recent moves - equities modestly lower, bond yields higher, USD recovers

Market retraces recent moves - equities modestly lower, bond yields higher, USD recovers

Weaker than expected US PPI supports the inflation-is-heading-down narrative. Weaker China activity data looked-through, with focus on the better outlook on policy support

Weaker than expected US PPI supports the inflation-is-heading-down narrative. Weaker China activity data looked-through, with focus on the better outlook on policy support

US Fed officials singing from the same songsheet - one good CPI print hasn't changed the policy outlook for higher rates. Market unwinds a little of the big moves seen last week. Yuan stronger on property market support

US Fed officials singing from the same songsheet - one good CPI print hasn't changed the policy outlook for higher rates. Market unwinds a little of the big moves seen last week. Yuan stronger on property market support

US core CPI rises by only 0.26%, well below the 0.5% consensus. Big downside miss triggers a surge in US equities, much lower rates and weaker USD

US core CPI rises by only 0.26%, well below the 0.5% consensus. Big downside miss triggers a surge in US equities, much lower rates and weaker USD

US Treasury yields slightly lower ahead of key US CPI report tonight. Cryptocurrency meltdown adds to negative risk sentiment. US election outcome won't be known for weeks

US Treasury yields slightly lower ahead of key US CPI report tonight. Cryptocurrency meltdown adds to negative risk sentiment. US election outcome won't be known for weeks

Risk appetite recovers despite China denials. NZD and AUD deliver nice recoveries off their lows

Risk appetite recovers despite China denials. NZD and AUD deliver nice recoveries off their lows

Fed hikes 75bps but statement consistent with a dovish pivot. NZ labour market very tight, encouraging market to think of a 75bps RBNZ hike later this month

Fed hikes 75bps but statement consistent with a dovish pivot. NZ labour market very tight, encouraging market to think of a 75bps RBNZ hike later this month

Rollercoaster ride in markets: US equities fall. US Treasury yields up significantly. Chinese rumours twist their markets

Rollercoaster ride in markets: US equities fall. US Treasury yields up significantly. Chinese rumours twist their markets

Entry of NZGBs into the World Bond Index pushes NZ bond yields lower and drives NZD outperformance, against a backdrop of a strong USD

Entry of NZGBs into the World Bond Index pushes NZ bond yields lower and drives NZD outperformance, against a backdrop of a strong USD

Global rates continue to fall away as monetary policy tightening expectations fade. But higher Australian CPI sees economists scrambling to revise rate projections up but market already there

Global rates continue to fall away as monetary policy tightening expectations fade. But higher Australian CPI sees economists scrambling to revise rate projections up but market already there

Global rates show some chunky falls, a sign that global bond markets were oversold late last week, but Fed pivot narrative and weaker US data helping

Global rates show some chunky falls, a sign that global bond markets were oversold late last week, but Fed pivot narrative and weaker US data helping

USD generally weaker amidst repricing of Fed expectations, firmer risk appetite. EUR shrugs off weak PMI data with investors focusing on the sharp fall in gas futures. Hang Seng plunges over 6% as market digests Xi's leadership reshuffle

USD generally weaker amidst repricing of Fed expectations, firmer risk appetite. EUR shrugs off weak PMI data with investors focusing on the sharp fall in gas futures. Hang Seng plunges over 6% as market digests Xi's leadership reshuffle

Relentless rise in global rates continues against a backdrop of higher inflation concerns. US 2 and 10-year rates up 11bps; NZ rates much higher as market prices in a much more aggressive tightening cycle

Relentless rise in global rates continues against a backdrop of higher inflation concerns. US 2 and 10-year rates up 11bps; NZ rates much higher as market prices in a much more aggressive tightening cycle

Markets remain volatile but net result is a strong gain for US equities and US 10-year rate back above 4%. Market pricing of NZ OCR peak now above 5.3%

Markets remain volatile but net result is a strong gain for US equities and US 10-year rate back above 4%. Market pricing of NZ OCR peak now above 5.3%

US equities rebound 2.8% from oversold level, helped by positive Bank of America earnings. Risk appetite improves on UK government policy U-turn

US equities rebound 2.8% from oversold level, helped by positive Bank of America earnings. Risk appetite improves on UK government policy U-turn

A whippy overnight trading session for all markets driven by media speculation of a U-turn in the UK government's budget proposals and another hot US CPI print

A whippy overnight trading session for all markets driven by media speculation of a U-turn in the UK government's budget proposals and another hot US CPI print

Market focus remains on the UK. BoE's Bailey talks tough publicly, not so much privately, causing some market volatility. Media reports that the UK government will U-turn on its fiscal proposals

Market focus remains on the UK. BoE's Bailey talks tough publicly, not so much privately, causing some market volatility. Media reports that the UK government will U-turn on its fiscal proposals

Markets settle, helped by yet another BoE emergency intervention, this time supporting the inflation-indexed bond market. US 10-year rate down to 3.88% after breaking 4% yesterday; NZ rates up to fresh cycle highs

Markets settle, helped by yet another BoE emergency intervention, this time supporting the inflation-indexed bond market. US 10-year rate down to 3.88% after breaking 4% yesterday; NZ rates up to fresh cycle highs

Risk sentiment sours as new week begins, not helped by Russia bombing Ukrainian cities. UK disappoints markets in policy responses, pushing global yields higher

Risk sentiment sours as new week begins, not helped by Russia bombing Ukrainian cities. UK disappoints markets in policy responses, pushing global yields higher

US employment rate unexpectedly falls to 3.5%. Data supports higher US rates and USD; US equities tumble

US employment rate unexpectedly falls to 3.5%. Data supports higher US rates and USD; US equities tumble