Thursday, 1 December 2022 Please click here to read the PDF version Markets • Yesterday, EMU November headline CPI eased more than expected from 10.6% to 10.0%, but didn’t came as a surprise after member states’ data published on Wednesday. Core inflation holding stubbornly high at 5.0% even caused a Read more…
Thursday, 3 November 2022 Please click here to read the PDF version Markets • The Fed yesterday raised rates by the expected 75 bps to 3.75-4%. That brings the policy rate further in restrictive territory, meaning that it actively dampens the economy and over time should cool inflation. Further hikes Read more…
Sunset Wednesday, November 2, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • US yields are an insignificant 2 bps lower on the day, ignoring another strong ADP employment report for October (+239k vs +185k expected). German Bunds underperform with yields up to 3 bps higher Read more…
Sunset Wednesday, September 21, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets: • The presumed calm of the countdown to this evening’s Fed decision was abruptly unsettled by a speech of Russian president Vladimir Putin around the start of European dealings. Putin announced a ‘partial mobilization’ Read more…
Friday, 9 September 2022 Please click here to read the PDF version. Markets • The world’s two biggest central banks were in focus yesterday. The ECB jacked up interest rates by an unprecedented 75 bps to bring the deposit rate at 0.75%. Growth may grind to a halt in the 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…
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…
Sunset Thursday, June 16, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • This morning, there was hope that chair Powell’s clarification on the Fed’s normalization path could bring some ST consolidation after recent sharp repositioning. Especially Powell’s remark that 75 bps hikes won’t become the Read more…