Sunset Wednesday, August 31, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • European inflation topped 9% y/y estimates to be up a record 9.1% on the year. French HICP numbers earlier in the session (down from 6.8% to 6.5% vs 6.7% expected) thus provided a false Read more…
Wednesday, 31 August 2022 Please click here to read the PDF version Markets • Recent sharp uptrend in EMU and US yields initially took a breather yesterday. Markets awaited national EMU CPI data. The correction in European gas and power prices at least was an ambiguous factor for European interest Read more…
Sunset Tuesday, August 30, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • National European August inflation readings today printed in line with forecasts. Spanish inflation was slightly lower compared with July (10.3% Y/Y from 10.7% Y/Y), but remains in double digit territory. German inflation accelerated Read more…
Tuesday, 30 August 2022 Please click here to read the PDF version Markets • Yesterday, last week’s repositioning on US and European interest rate markets simply continued with European markets again underperforming. Chair Powell on Friday was very clear that the Fed will do ‘whatever it takes’ to bring inflation Read more…
Sunset Monday, August 29, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Powell’s hawkish 9-minute speech on Friday was followed by decisive commentary from ECB’s Schnabel and Villeroy over the weekend. That delivered a one-two punch to core bonds at the start of the new Read more…
Monday, 29 August 2022 Please click here to read the PDF version Markets • Markets pondering Fed Powell’s assessment on monetary policy dominated trading throughout the whole of last week. It took Powell less than 10 minutes to clarify Fed’s intentions going forward. The Fed’s focus continues to be on Read more…
Sunset Friday, August 26, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • As was the case earlier this week, markets couldn’t do anything else but guessing which clues Fed Chair Powell will give on the Fed’s intentions in the new era where ‘forward guidance’ is Read more…
Friday, 26 August 2022 Please click here to read the PDF version Markets • “It’s time to just go to a meeting-by-meeting basis and not provide the kind of clear guidance that we had provided”. It were the final remarks of Fed Chair Powell at the July Fed meeting after Read more…
Sunset Thursday, August 25, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • Minutes of the July ECB meeting provided some distraction in the countdown to tomorrow’s Jackson Hole address by Fed Chair Powell. They showed that the decision to break guidance of a 25 bps Read more…
Thursday, 25 August 2022 Please click here to read the PDF version Markets • There’s no stopping the core bond sell-off for the moment. UK Gilts remain underperformers with UK money markets betting on aggressive BoE action (4.5% policy rate peak mid-next year). Double digit inflation and the political blame Read more…