Jason Wong

Markets in holding pattern but fully prices in April cut for ECB, dragging down European rates and EUR. Oil prices fall back after strong Asia open

Markets in holding pattern but fully prices in April cut for ECB, dragging down European rates and EUR. Oil prices fall back after strong Asia open

US data confirm solid end to the year for consumer spending and inflation tracking near target. Tokyo CPI data comes in surprisingly soft. ECB speakers deliver mixed messages on prospects for near-term policy easing

US data confirm solid end to the year for consumer spending and inflation tracking near target. Tokyo CPI data comes in surprisingly soft. ECB speakers deliver mixed messages on prospects for near-term policy easing

GDP up an annualised 3.3% in Q4, PCE deflator at 1.5% and core PCE deflator at 2%. US Treasury market supported by the benign inflation backdrop, yields slightly lower. European rates and EUR lower. NZD flat just over 61 USc

GDP up an annualised 3.3% in Q4, PCE deflator at 1.5% and core PCE deflator at 2%. US Treasury market supported by the benign inflation backdrop, yields slightly lower. European rates and EUR lower. NZD flat just over 61 USc

US equities rise to fresh record high. China surprises with 50bps cut to RRR; Bank of Canada drops tightening bias; Global PMI data support the market. NZ inflation moderates

US equities rise to fresh record high. China surprises with 50bps cut to RRR; Bank of Canada drops tightening bias; Global PMI data support the market. NZ inflation moderates

US equities continue their record-breaking run, a contrast with the slump in Chinese equities. Global rates push lower, US 10-year rate down slightly. No change expected from the BoJ later today

US equities continue their record-breaking run, a contrast with the slump in Chinese equities. Global rates push lower, US 10-year rate down slightly. No change expected from the BoJ later today

US 10-year rate up to a fresh high for the year of 4.15%, driven by US initial jobless claims showing a surprising fall to a 16-month low. Global forces push up NZ rates, with a weak first bond tender of the year not helping NZGBs

US 10-year rate up to a fresh high for the year of 4.15%, driven by US initial jobless claims showing a surprising fall to a 16-month low. Global forces push up NZ rates, with a weak first bond tender of the year not helping NZGBs

Lift in US Treasury yields during Asian session extended overnight; rates up 10-13bps across the curve for the day. Fed Governor Waller argues that, when the timing is right, the Fed Funds rate should be "lowered mechanically and carefully"

Lift in US Treasury yields during Asian session extended overnight; rates up 10-13bps across the curve for the day. Fed Governor Waller argues that, when the timing is right, the Fed Funds rate should be "lowered mechanically and carefully"

S&P500 futures down slightly and US Treasury futures consistent with a lift in the 10-year rate. Euro area economic data continue to underwhelm but ECB commentary shows reluctance to cut rates; German rates push higher

S&P500 futures down slightly and US Treasury futures consistent with a lift in the 10-year rate. Euro area economic data continue to underwhelm but ECB commentary shows reluctance to cut rates; German rates push higher

More pushback from Fed officials on market pricing for significantly easier monetary policy next year, but market shows little reaction in Fed Funds market; US Treasury yields push higher, led by long end; oil prices continue to recover

More pushback from Fed officials on market pricing for significantly easier monetary policy next year, but market shows little reaction in Fed Funds market; US Treasury yields push higher, led by long end; oil prices continue to recover

Weaker than expected US PPI, UK GDP and euro area industrial production data supports extended bond market rally. Domestic rates tumbled yesterday, some attributed to weaker pricing indicators

Weaker than expected US PPI, UK GDP and euro area industrial production data supports extended bond market rally. Domestic rates tumbled yesterday, some attributed to weaker pricing indicators

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 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

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

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

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

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

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

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

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

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

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

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%

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

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

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

Market movements modest ahead of tonight’s key US CPI release, with little net change in US equities and Treasury yields; modest currency changes

Market movements modest ahead of tonight’s key US CPI release, with little net change in US equities and Treasury yields; modest currency changes

US 10-year rate up 9bps from the NZ close to 4.57%, after trading as low as 4.47%. Strong demand for NZ bonds continues, taking the fall for the month to 55bps for the 10-year

US 10-year rate up 9bps from the NZ close to 4.57%, after trading as low as 4.47%. Strong demand for NZ bonds continues, taking the fall for the month to 55bps for the 10-year