Tighter bank lending standards have not hit the US corporate bond market. The NAHB housing market index climbed again, from 50 in May to 55 this month. Some prospective buyers…
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Treasuries failed to stage major rally, even after encouraging CPI/PPI data and elevated initial claims. Breakeven inflation rates not falling, because they have already priced perfect disinflation (pages 2-10) Another…
Nationwide core inflation hit a new high in April of 2.53% (pages 6 – 9) Core inflation rose further in May for Tokyo, edging up to 2.40% (pages 10 –…
2-year US Treasury yield highest since March 10th. Curve inversion deepens between 10-2 years (pages 2-4) No inflation risk priced into break-evens (page 5) Real yields holding above 1.50% across…
US core CPI inflation stuck above 5.0% (pages 3 – 9) Conference Board’s jobs gap dips in May (page 10) But US consumption strong at start of Q2 (pages 12…
Markets have become used to 300k+ payroll prints. It is easy to forget, however, that this was a rarity pre-pandemic. Even if payroll growth eventually slowed to 100k, this would…
10-year US Treasury yield climbed back up to 3.69% at close on Friday after a strong payrolls report. The 2-year yield jumped to 4.50% (page 2) Real yields holding above…
