Jason Wong

The two sides still far apart as the US debt X-date approaches. Modest market movements in a quiet start to the week; US Treasury yields push higher; US equities push higher. NZD tracks sideways

The two sides still far apart as the US debt X-date approaches. Modest market movements in a quiet start to the week; US Treasury yields push higher; US equities push higher. NZD tracks sideways

US Treasury yields higher after more positive vibes on US debt ceiling negotiations, a drop in initial jobless claims. NZ Budget conveys picture of loose fiscal policy, with large cash deficit, rising debt levels. S&P fires warning shot on credit rating

US Treasury yields higher after more positive vibes on US debt ceiling negotiations, a drop in initial jobless claims. NZ Budget conveys picture of loose fiscal policy, with large cash deficit, rising debt levels. S&P fires warning shot on credit rating

Risk sentiment higher on less fear of an imminent US debt default and less concern on US banking sector. US equities up over 1%, US Treasury rates higher for a fourth consecutive day. NZ rates higher on revised OCR calls

Risk sentiment higher on less fear of an imminent US debt default and less concern on US banking sector. US equities up over 1%, US Treasury rates higher for a fourth consecutive day. NZ rates higher on revised OCR calls

US Treasury yields push higher, market weighed by corporate supply. NZ rates higher after Westpac's 6% OCR call. Soft China data weigh on yuan and AUD; modest lift in USD

US Treasury yields push higher, market weighed by corporate supply. NZ rates higher after Westpac's 6% OCR call. Soft China data weigh on yuan and AUD; modest lift in USD

US Treasury yields push higher; plunge in US Empire manufacturing survey soon forgotten; mixed messages from FOMC members. Locally, Westpac changes NZ rate call to a 6% OCR peak

US Treasury yields push higher; plunge in US Empire manufacturing survey soon forgotten; mixed messages from FOMC members. Locally, Westpac changes NZ rate call to a 6% OCR peak

Weak China data drive commodity prices lower. US jobless claims trending much higher now, PPI data support weaker inflation backdrop. Risk off tone supports global bond markets and broadly based gains in USD

Weak China data drive commodity prices lower. US jobless claims trending much higher now, PPI data support weaker inflation backdrop. Risk off tone supports global bond markets and broadly based gains in USD

Markets trade cautiously ahead of Biden/McCarthy debt ceiling meeting and US CPI. Treasuries extend recent sell-off. China trade data weak. US small business survey weak. Big improvement in Australian fiscal metrics contrasts with big deterioration in NZ

Markets trade cautiously ahead of Biden/McCarthy debt ceiling meeting and US CPI. Treasuries extend recent sell-off. China trade data weak. US small business survey weak. Big improvement in Australian fiscal metrics contrasts with big deterioration in NZ

US Treasury yields show further upside, lifting 8-9bps. Most major currencies show little net movement against the USD; NZD and AUD outperform. Fed Senior Loan Officer Survey shows further tightening in lending standards and softer business credit demand

US Treasury yields show further upside, lifting 8-9bps. Most major currencies show little net movement against the USD; NZD and AUD outperform. Fed Senior Loan Officer Survey shows further tightening in lending standards and softer business credit demand

Risk appetite recovered on Friday, seeing US banking stocks bounce higher and strong gains in US equities. US employment report mixed although still consistent with a tight labour market

Risk appetite recovered on Friday, seeing US banking stocks bounce higher and strong gains in US equities. US employment report mixed although still consistent with a tight labour market

More US bank casualties in the spotlight driving Banks down and weaker US equities overall, adds to the case of Fed being done with the hiking cycle. Market has increased conviction that the Fed will be forced into easing in second half. Curve steepens

More US bank casualties in the spotlight driving Banks down and weaker US equities overall, adds to the case of Fed being done with the hiking cycle. Market has increased conviction that the Fed will be forced into easing in second half. Curve steepens

Fed hikes 25bps as expected; softens forward guidance on future tightening. Modest market reaction; market sees Fed done after 500bps of hikes. USD broadly weaker and US Treasury yields slightly lower

Fed hikes 25bps as expected; softens forward guidance on future tightening. Modest market reaction; market sees Fed done after 500bps of hikes. USD broadly weaker and US Treasury yields slightly lower

Little fallout by another US major bank failure. US Treasury rates up 12-15bps; reverses Friday's move; ISM report slightly stronger than expected. Indigestion from significant corporate debt issuance ahead of Fed this week

Little fallout by another US major bank failure. US Treasury rates up 12-15bps; reverses Friday's move; ISM report slightly stronger than expected. Indigestion from significant corporate debt issuance ahead of Fed this week

Softer than expected German CPI, GDP and Euro area GDP data drive German Bunds down 14-15bps. This supported US Treasuries, with US 10-year rate down 10bps to 3.42%. JGBs rally

Softer than expected German CPI, GDP and Euro area GDP data drive German Bunds down 14-15bps. This supported US Treasuries, with US 10-year rate down 10bps to 3.42%. JGBs rally

Global rates lower after their recent rise; Treasury yields down 5-7bps, German 10-year rate falls for first time in over two weeks. Second-tier US economic data paint softer economic picture and lower oil prices support the move

Global rates lower after their recent rise; Treasury yields down 5-7bps, German 10-year rate falls for first time in over two weeks. Second-tier US economic data paint softer economic picture and lower oil prices support the move

Currency markets well-contained; NZD continues to hover around 62 USc, ahead of important Q1 CPI data today. US equities flat again; VIX down to fresh lows. UK CPI inflation remains in double-digits

Currency markets well-contained; NZD continues to hover around 62 USc, ahead of important Q1 CPI data today. US equities flat again; VIX down to fresh lows. UK CPI inflation remains in double-digits

US equities flat and little change in US Treasuries, despite plethora of data and earnings. USD broadly weaker, reversing some of prior day's strength; NZD back just over 62 USc and little change on the crosses

US equities flat and little change in US Treasuries, despite plethora of data and earnings. USD broadly weaker, reversing some of prior day's strength; NZD back just over 62 USc and little change on the crosses

US Treasury yields continue to push higher on less concern about banking sector and stronger data - Empire manufacturing survey much stronger than expected. NZGBs outperform

US Treasury yields continue to push higher on less concern about banking sector and stronger data - Empire manufacturing survey much stronger than expected. NZGBs outperform

US core retail sales not as weak as expected; 1 yr-ahead inflation expectations surge to 4.6%; Fed's Waller urges more tightening. USD rebounds on all that; US Treasury yields higher led by the front end

US core retail sales not as weak as expected; 1 yr-ahead inflation expectations surge to 4.6%; Fed's Waller urges more tightening. USD rebounds on all that; US Treasury yields higher led by the front end

Weaker US PPI inflation, higher jobless claims play to theme of weaker US economy and moderating inflation pressures, adding in expectations of just one more Fed rate hike, USD remains under pressure; US Treasury yields slightly higher

Weaker US PPI inflation, higher jobless claims play to theme of weaker US economy and moderating inflation pressures, adding in expectations of just one more Fed rate hike, USD remains under pressure; US Treasury yields slightly higher

US CPI rises just 0.1% m/m; core up 0.4% - strong enough to maintain expectations for another likely Fed hike next month. US Treasury yields fall post CPI but then reverses much of that price action

US CPI rises just 0.1% m/m; core up 0.4% - strong enough to maintain expectations for another likely Fed hike next month. US Treasury yields fall post CPI but then reverses much of that price action

US Treasury yields push higher, ahead of key CPI data tonight. IMF downgrades forecasts. China credit growth strong

US Treasury yields push higher, ahead of key CPI data tonight. IMF downgrades forecasts. China credit growth strong

US Treasury yields higher after solid non-farm payrolls report; other labour market data show clearer weaker trends. USD broadly stronger. NZD re-tests sub-0.62 level

US Treasury yields higher after solid non-farm payrolls report; other labour market data show clearer weaker trends. USD broadly stronger. NZD re-tests sub-0.62 level