Thursday, 9 March 2023 Please click here to read the PDF version Markets • US and European interest rate markets diverged further yesterday. German/EU yields didn’t see much spill-over from Tuesday’s sharp post-Powell repositioning in US markets. The German curve inverted further (2-y yield up 2.5 bps, 30-y minus 6.4 Read more…
Sunset Wednesday, March 8, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Global markets today took a breather after yesterday’s sharp repositioning. At his hearing before the Senate, Fed Chair Powell admitted that rates most likely will have to be raised further than assumed in the Read more…
Wednesday, 8 March 2023 Please click here to read the PDF version Markets • At the hearing before the Senate Banking Committee, Fed Chair Powell repeated that inflation in the core goods sector has fallen while housing services prices are also decelerating. Still, there is little sign of disinflation in Read more…
Sunset Tuesday, March 7, 2023 Daily Market Overview Click here to read the PDF-version of this report. Markets • Fed Chair Powell in front of the US Senate as expected said that the ultimate peak interest rate level would be higher than expected in December (5-5.25% median projection in the dot plot). Less Read more…
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…