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Even though the US 10yr is off highs hit prior to the FOMC meeting, there is a certain resilience being shown at the hold in the 4.5% area. Whatever the tone of last week's FOMC meeting, the most important information for Treasuries will come from next week's CPI report, and we are still looking at 0.3% and 0.4% month-on-month combos, which remains too hot. ...
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US GDP growth moderated in Q1, but it was still a solid result. While a bit lower than we expected we have left our 2024 GDP forecast unchanged. • Overall, the various indicators continue to point to a gradual softening in labour market pressures, although the Employment Cost Index grew more strongly than expected in Q1. • Q1 core PCE inflation was well ...