Tuesday’s China PMI release delivered a negative update on economic activity in October. The NBS’ Manufacturing PMI fell from 50.2 to 49.5 while the Non-manufacturing PMI declined from 51.7 to 50.6. Both measures fell…
The Bank of Japan adjusted the language of its Monetary Policy Statement on Tuesday to indicate that it will allow greater flexibility it its yield curve control policy (YCC). It indicated that although the target level of 10-…
The US Employment Cost Index (ECI) unexpectedly accelerated in Q3, rising by 1.1% q/q versus anticipations the pace of increase would remain unchanged at 1.0% q/q. A pickup in wages and salaries drove the increase. On an annual…
The European money market curve anticipates three rate cuts by October 2024. This pricing is appropriate considering the outlook for European growth next year. BCA’s Europe strategist expect a recession in the second half…
What will the next manufacturing cycle look like in Europe and how will risk assets perform? Lessons from the recent past.
Friday's Tokyo CPI release suggests that inflationary pressures are picking back up again in Japan. Headline inflation accelerated to 3.3% y/y – surprising expectations it would remain unchanged at 2.8% y/y. The ex-…
A look at recent data on economic growth, inflation and the labor market, and a discussion of the implications for Fed policy and bond strategy.
In a guest authorship of Section I, Doug Peta presents a synthesis of the recent views expressed in our US Investment Strategy and Bank Credit Analyst reports. Doug underscores that excess savings are unlikely to support US consumer…
