Nick Smyth

RBA raises cash rate by a larger-than-expected 50bps. Short-term Aussie rates blast higher while NZD/AUD cross falls below 90 AUc

RBA raises cash rate by a larger-than-expected 50bps. Short-term Aussie rates blast higher while NZD/AUD cross falls below 90 AUc

Global rates push sharply higher once again - US 10-year back above 3%, German 10-year hits fresh 8-year high. Nonfarm payrolls report seen as confirming Fed's hawkish stance

Global rates push sharply higher once again - US 10-year back above 3%, German 10-year hits fresh 8-year high. Nonfarm payrolls report seen as confirming Fed's hawkish stance

Global rates blast higher again - US 10-year +9bps, Germany 10-year +7bps. Bank of Canada hikes 50bps. Equities fall on higher Fed rate expectations

Global rates blast higher again - US 10-year +9bps, Germany 10-year +7bps. Bank of Canada hikes 50bps. Equities fall on higher Fed rate expectations

No clear catalyst for the improvement in risk sentiment but markets' recession concerns appear to be easing a little. USD broadly weaker amid stabilisation in Fed rate expectations

No clear catalyst for the improvement in risk sentiment but markets' recession concerns appear to be easing a little. USD broadly weaker amid stabilisation in Fed rate expectations

Fed minutes hint at a possible pause in the tightening cycle later this year, boosting equities. NZ short-term rates spike higher, yield curve flattens aggressively as market lifts RBNZ rate expectations

Fed minutes hint at a possible pause in the tightening cycle later this year, boosting equities. NZ short-term rates spike higher, yield curve flattens aggressively as market lifts RBNZ rate expectations

S&P500 briefly breaks through into bear market territory. No signs of central bankers wavering from their hawkish stances - Lagarde alludes to likely July ECB rate hike. Global rates lower as recession fears mount

S&P500 briefly breaks through into bear market territory. No signs of central bankers wavering from their hawkish stances - Lagarde alludes to likely July ECB rate hike. Global rates lower as recession fears mount

Risk appetite recovers helped by news that Shanghai is planning to ease lockdown restriction. Fed's Powell supports 50bps hikes at the next two meetings while acknowledging it will be "quite challenging" to achieve a soft landing

Risk appetite recovers helped by news that Shanghai is planning to ease lockdown restriction. Fed's Powell supports 50bps hikes at the next two meetings while acknowledging it will be "quite challenging" to achieve a soft landing

Risk assets continue to tumble as global recession fears grow. Russia cutting off some gas supplies to Germany, rumours of Beijing lockdown, expectations of aggressive central bank rate hikes all add to the gloomy outlook

Risk assets continue to tumble as global recession fears grow. Russia cutting off some gas supplies to Germany, rumours of Beijing lockdown, expectations of aggressive central bank rate hikes all add to the gloomy outlook

Risk sentiment rebounds overnight, with equities bouncing back. Global rates lower amid falling market-based inflation expectations. Several Fed officials endorse +50bps hikes at the next two meetings

Risk sentiment rebounds overnight, with equities bouncing back. Global rates lower amid falling market-based inflation expectations. Several Fed officials endorse +50bps hikes at the next two meetings

Asset markets signal growing concern around the global growth outlook. Equities tumble. Market pares back Fed rate hike expectations. CNY weakness continues

Asset markets signal growing concern around the global growth outlook. Equities tumble. Market pares back Fed rate hike expectations. CNY weakness continues

Global long-term rates hit fresh highs. US nonfarm payrolls close to expectations, but some tentative signs that wage pressures are easing. Industrial metals and commodity currencies also lower as global growth concerns weigh

Global long-term rates hit fresh highs. US nonfarm payrolls close to expectations, but some tentative signs that wage pressures are easing. Industrial metals and commodity currencies also lower as global growth concerns weigh

Bank of Japan now stands alone in not fighting inflation. Yen weakness spills over to the yuan. German inflation surprises to the upside, again. European rates increase sharply

Bank of Japan now stands alone in not fighting inflation. Yen weakness spills over to the yuan. German inflation surprises to the upside, again. European rates increase sharply

Australian CPI blows past expectations and markets expect an RBA hike next week. NZD and AUD hold up relatively well. NZ 2-year swap rate continues to push relentlessly higher

Australian CPI blows past expectations and markets expect an RBA hike next week. NZD and AUD hold up relatively well. NZ 2-year swap rate continues to push relentlessly higher

Equity markets plummet again on concerns around the global growth outlook. US bond rates fall for the second day running on safe haven demand

Equity markets plummet again on concerns around the global growth outlook. US bond rates fall for the second day running on safe haven demand

Global rates sharply lower and the USD broadly weaker in partial reversal. Canada CPI blows past expectations; market pricing a small chance of 75bps BoC hike in June

Global rates sharply lower and the USD broadly weaker in partial reversal. Canada CPI blows past expectations; market pricing a small chance of 75bps BoC hike in June

Global bond yields continue to march higher with the US 10-year up to 2.91%. No real catalyst for the increase in rates although Fed rhetoric remains hawkish

Global bond yields continue to march higher with the US 10-year up to 2.91%. No real catalyst for the increase in rates although Fed rhetoric remains hawkish

Global bond sell-off resumes - US 10-year makes new cycle high of 2.88%. Higher oil prices add upward pressure. China GDP much stronger than expected in Q1. Lots of US economic data released, mostly stronger than expected

Global bond sell-off resumes - US 10-year makes new cycle high of 2.88%. Higher oil prices add upward pressure. China GDP much stronger than expected in Q1. Lots of US economic data released, mostly stronger than expected

RBNZ and Bank of Canada both hike by 50bps. RBNZ statement fails to meet very elevated market expectations, seeing big falls in NZ rates and the NZD. Global bonds show further signs of stabilising

RBNZ and Bank of Canada both hike by 50bps. RBNZ statement fails to meet very elevated market expectations, seeing big falls in NZ rates and the NZD. Global bonds show further signs of stabilising

US rates finally correct lower after core CPI surprises to the downside. Market still priced for a 50bps Fed hike next month but expectations for tightening later this year scaled back

US rates finally correct lower after core CPI surprises to the downside. Market still priced for a 50bps Fed hike next month but expectations for tightening later this year scaled back

Global rates higher again overnight, as market views ECB minutes hawkishly. US 2s10s curve steepens. More reports that the Shanghai lockdown is worsening supply-chain issues

Global rates higher again overnight, as market views ECB minutes hawkishly. US 2s10s curve steepens. More reports that the Shanghai lockdown is worsening supply-chain issues

Global bond sell-off continues - US 10-year hits fresh 3-year high. FOMC minutes flag 50bps hike risk and aggressive quantitative tightening. USD stronger amid more cautious risk appetite

Global bond sell-off continues - US 10-year hits fresh 3-year high. FOMC minutes flag 50bps hike risk and aggressive quantitative tightening. USD stronger amid more cautious risk appetite

USD broadly weaker overnight, seeing NZD push up towards 70 USc. Curve flattening continues in the NZ rates market

USD broadly weaker overnight, seeing NZD push up towards 70 USc. Curve flattening continues in the NZ rates market

Global bond sell-off continues apace. US 10-year hits 2.50% after Citi calls for 4x 50bps hikes. Equities surprisingly resilient. Half of Shanghai to go into four-day lockdown starting today

Global bond sell-off continues apace. US 10-year hits 2.50% after Citi calls for 4x 50bps hikes. Equities surprisingly resilient. Half of Shanghai to go into four-day lockdown starting today