Jason Wong

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

Turndown in risk appetite drives US equity futures lower, USD higher and NZD plunges 3% peak to trough - hero to zero in 12 hours. Some positioning adjustments ahead of tonight's key US employment report

Turndown in risk appetite drives US equity futures lower, USD higher and NZD plunges 3% peak to trough - hero to zero in 12 hours. Some positioning adjustments ahead of tonight's key US employment report

Bank of England intervenes in the UK Gilts market to restore market order. This triggers a significant massive reaction and risk appetite recovers

Bank of England intervenes in the UK Gilts market to restore market order. This triggers a significant massive reaction and risk appetite recovers

Market focus remains on UK. BoE Chief Economist signals a "significant monetary policy response" to new UK Government's fiscal package. Positive US data surprises; US 10-year rate rises to just shy of 4%

Market focus remains on UK. BoE Chief Economist signals a "significant monetary policy response" to new UK Government's fiscal package. Positive US data surprises; US 10-year rate rises to just shy of 4%

Fed's hawkish update reverberates - global rates trade at fresh cycle highs. Overnight rate hikes from BoE, SNB, Norges Bank. Remarkably, BoJ maintains ultra-easy stance and easing bias; MoF intervenes in FX market to reverse tumbling yen

Fed's hawkish update reverberates - global rates trade at fresh cycle highs. Overnight rate hikes from BoE, SNB, Norges Bank. Remarkably, BoJ maintains ultra-easy stance and easing bias; MoF intervenes in FX market to reverse tumbling yen

Fed hikes cash rate by 75bps, as widely expected. Updated 'dot plot' show +125bps of hikes over remaining two meetings this year. USD stronger on the day, although off its intraday highs as risk appetite rebounds

Fed hikes cash rate by 75bps, as widely expected. Updated 'dot plot' show +125bps of hikes over remaining two meetings this year. USD stronger on the day, although off its intraday highs as risk appetite rebounds

Annexation moves of Russian-held territories in Ukraine looks likely, which would escalate the war. Ongoing market nerves ahead of FOMC meeting tomorrow. These forces result in weaker risk sentiment and fresh highs for global rates

Annexation moves of Russian-held territories in Ukraine looks likely, which would escalate the war. Ongoing market nerves ahead of FOMC meeting tomorrow. These forces result in weaker risk sentiment and fresh highs for global rates

US Treasury yields push up to fresh highs on expectations for a hawkish Fed policy update. NZD trades down to fresh low of 59.3 USc. NZD/AUD down to fresh 5-year low

US Treasury yields push up to fresh highs on expectations for a hawkish Fed policy update. NZD trades down to fresh low of 59.3 USc. NZD/AUD down to fresh 5-year low

Another US CPI shocker - to the upside, following last month's downside surprise. Market ramps up Fed tightening expectations. Risk appetite sours

Another US CPI shocker - to the upside, following last month's downside surprise. Market ramps up Fed tightening expectations. Risk appetite sours