All told, the improvement in the inflation and wage data (see US Chartbook, published earlier today) – combined with the services ISM and Credit Managers’ indices – suggest the Fed…
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US inflation eases (pages 2-8) Personal consumption resilient, despite dip in confidence (pages 9-13) Real GDP holding up, no recession (pages 14-17) Surveys look very weak, except future indicators for…
Eurozone inflation drops in December, but core CPI climbs again (pages 2-8) German new orders trending down: Ifo, PMIs show signs of a trough (pages 9-27) Retail spending slips, but consumer…
Globally, governments continue to defer the tough political choices when it comes to balancing the books. On the December 23rd, the Kishida administration revealed a record Y114.4tr ($863bn) budget for…
The BoJ has buckled and shifted its YCC target in response to rising inflation. The 10-year JGB yield will be allowed to move 50 basis points either side of 0%,…
The BoE struck a dovish tone yesterday: but it will have to be more forceful to stem the steady ascent of long-duration Gilt yields in 2023. It has largely gone…
