Jason Wong

Weaker US ADP employment and services ISM data push US Treasury yields lower. RBNZ shocks with a 50bps hike. NZ curve flattens; market sees a good chance of easier policy in the second half, when the economy is likely to be deeper in recession

Weaker US ADP employment and services ISM data push US Treasury yields lower. RBNZ shocks with a 50bps hike. NZ curve flattens; market sees a good chance of easier policy in the second half, when the economy is likely to be deeper in recession

US JOLTS labour market report shows much weaker demand for labour - US Treasury yields down 6-12bps, equities weaker, USD weaker. RBA opts for a pause

US JOLTS labour market report shows much weaker demand for labour - US Treasury yields down 6-12bps, equities weaker, USD weaker. RBA opts for a pause

Higher oil prices drive global rates higher but reversal follows after weak US ISM manufacturing report; net change in yields is lower. NZ QSBO today; RBA meeting with consensus tilted towards a pause, market more convicted in that call than economists

Higher oil prices drive global rates higher but reversal follows after weak US ISM manufacturing report; net change in yields is lower. NZ QSBO today; RBA meeting with consensus tilted towards a pause, market more convicted in that call than economists

Weaker than expected US core PCE deflator drives US Treasuries down 8-11bps. Spillover to European yields. Banks borrow less in aggregate from the Fed, further sign that the most acute phase of liquidity crisis is over

Weaker than expected US core PCE deflator drives US Treasuries down 8-11bps. Spillover to European yields. Banks borrow less in aggregate from the Fed, further sign that the most acute phase of liquidity crisis is over

Market conditions calm (again); equities push higher, US Treasuries well contained. German inflation falls but core inflation in Euro area too strong for comfort

Market conditions calm (again); equities push higher, US Treasuries well contained. German inflation falls but core inflation in Euro area too strong for comfort

Markets calm compared to recent weeks. Global rates push higher. US equities push lower. 'No news' is not bad news

Markets calm compared to recent weeks. Global rates push higher. US equities push lower. 'No news' is not bad news

Improved confidence drives global rates significantly higher; US 2-year rate back at 4%; front-end led curve flattening. And there were some modest gains in equities despite big lift in rates

Improved confidence drives global rates significantly higher; US 2-year rate back at 4%; front-end led curve flattening. And there were some modest gains in equities despite big lift in rates

Deutsche Bank comes under speculative selling pressure on Friday; weighs down European equities and euro. Authorities continue to convey confidence in the resilience of the US banking system; US equities show modest gains

Deutsche Bank comes under speculative selling pressure on Friday; weighs down European equities and euro. Authorities continue to convey confidence in the resilience of the US banking system; US equities show modest gains

Fed opts for a 25bps hike, taking the Fed Funds target range to 4.75-5%; softens policy guidance as tighter credit conditions will weigh on activity and inflation

Fed opts for a 25bps hike, taking the Fed Funds target range to 4.75-5%; softens policy guidance as tighter credit conditions will weigh on activity and inflation

Risk appetite improves on ongoing support from the authorities to help contain banking system contagion. Global equities and rates higher; US 2-year Treasuries up 19bps, 10-year rate up 10bps

Risk appetite improves on ongoing support from the authorities to help contain banking system contagion. Global equities and rates higher; US 2-year Treasuries up 19bps, 10-year rate up 10bps

Early lift in risk appetite gives way to renewed concern over wipe-out of AT1 note holders, but risk appetite does recover. US bank stocks mostly higher but First Republic Bank in more trouble

Early lift in risk appetite gives way to renewed concern over wipe-out of AT1 note holders, but risk appetite does recover. US bank stocks mostly higher but First Republic Bank in more trouble

US bank's tap Fed for US$165 bln in borrowing via the discount window and emergency loan program. Focus this week will remain on distress in funding markets; Uncertainty reins

US bank's tap Fed for US$165 bln in borrowing via the discount window and emergency loan program. Focus this week will remain on distress in funding markets; Uncertainty reins

Risk appetite plunges. Market calls time on Fed rate hike cycle - much easier policy priced from June meeting; ECB hike for tonight pared down. NZD mixed despite warning from S&P on NZs massive current account deficit

Risk appetite plunges. Market calls time on Fed rate hike cycle - much easier policy priced from June meeting; ECB hike for tonight pared down. NZD mixed despite warning from S&P on NZs massive current account deficit

Another wild trading session, but conditions now seem to have settled; worst of the turbulence over? US CPI data close to market expectations; core inflation pressures still too high for comfort; market biased towards a 25bps Fed hike next week

Another wild trading session, but conditions now seem to have settled; worst of the turbulence over? US CPI data close to market expectations; core inflation pressures still too high for comfort; market biased towards a 25bps Fed hike next week

Market significantly reprices monetary policy outlook; easier policy back in sight for second half in the US. Treasury yields plunge, led by short end. Risk appetite weaker but NZD (+1.7%) outperforms, alongside AUD and JPY

Market significantly reprices monetary policy outlook; easier policy back in sight for second half in the US. Treasury yields plunge, led by short end. Risk appetite weaker but NZD (+1.7%) outperforms, alongside AUD and JPY

US monetary policy expectations reverse course. Bank collapse overshadows US employment report; strong employment but unemployment rises and wages soft

US monetary policy expectations reverse course. Bank collapse overshadows US employment report; strong employment but unemployment rises and wages soft

US jobless claims show a notable lift; Challenger job layoffs surge even higher. The softer US labour market data drive US Treasury yields lower; 2-year rate back below 5%, 10-year rate below 4%

US jobless claims show a notable lift; Challenger job layoffs surge even higher. The softer US labour market data drive US Treasury yields lower; 2-year rate back below 5%, 10-year rate below 4%

US 2s10s inverts further with higher short end rates and lower long term rates. Bank of Canada pauses tightening cycle as expected. NZ 2-year rate swap blasts up through 5.5% on global forces

US 2s10s inverts further with higher short end rates and lower long term rates. Bank of Canada pauses tightening cycle as expected. NZ 2-year rate swap blasts up through 5.5% on global forces

Market unprepared for a more hawkish tone from Powell, sending US short rates higher. NZD down to fresh low for 2023 as RBA and BofE give softer tightening signals

Market unprepared for a more hawkish tone from Powell, sending US short rates higher. NZD down to fresh low for 2023 as RBA and BofE give softer tightening signals

Hawkish ECB comments send European rates and euro higher. US 10-year yield back up at 3.96% after falling just below 3.9%. NZD rates lower on global forces

Hawkish ECB comments send European rates and euro higher. US 10-year yield back up at 3.96% after falling just below 3.9%. NZD rates lower on global forces

Strong US ISM services print. But positive sign for bond market in that Treasury yields still finished the day down 10bps, back below 4%. Equities like the combo of robust data and lower rates, S&P up 1.6%

Strong US ISM services print. But positive sign for bond market in that Treasury yields still finished the day down 10bps, back below 4%. Equities like the combo of robust data and lower rates, S&P up 1.6%

Strong Euro area CPI data and strong US labour market data pave the way for further upside pressure in global rates. US 10-year rate pushes up to 4.09%. Equity markets not too fussed by higher rates

Strong Euro area CPI data and strong US labour market data pave the way for further upside pressure in global rates. US 10-year rate pushes up to 4.09%. Equity markets not too fussed by higher rates

For a change, US data releases negatively surprise. Upside surprises to Euro area country CPIs drive European rates higher, spilling over into US Treasuries

For a change, US data releases negatively surprise. Upside surprises to Euro area country CPIs drive European rates higher, spilling over into US Treasuries

Markets take a breather from recent trends - US Treasury yields down slightly, US equities up modestly. EU and UK agree a new trade deal regarding Northern Ireland, paving the way for better relationship

Markets take a breather from recent trends - US Treasury yields down slightly, US equities up modestly. EU and UK agree a new trade deal regarding Northern Ireland, paving the way for better relationship

USD broadly stronger; NZD, AUD and JPY fall over 1% Friday night; NZD closes at 0.6165, below key support of 0.62 and below 200-day moving average. Strong US PCE deflators extend global rates sell-off

USD broadly stronger; NZD, AUD and JPY fall over 1% Friday night; NZD closes at 0.6165, below key support of 0.62 and below 200-day moving average. Strong US PCE deflators extend global rates sell-off