All signal, no noise
All signal, no noise
All signal, no noise
Latest insights
Head of the UK's DMO talks to MNI on the issuance remit for 2026/27.
Mar-03 17:00MNI looks at the role of the exchange rate in National Bank of Hungary rate deliberations.
Mar-03 15:35MNI discusses the state of the US labor market with Indeed economist Laura Ullrich.
Mar-03 14:18A gas expert at Columbia University’s Center on Global Energy Policy looks at the outlook for prices.
Mar-03 13:25The Iran conflict raised uncertanty around the outcome of the NBP's policy meeting expected to result in a 25bp cut.
Mar-03 12:20
MNI INTERVIEW: US Services Surged Before Middle East War - ISM

MNI INTERVIEW: US Services Surged Before Middle East War - ISM

MNI US Payrolls Preview: Softer, With Many Moving Parts

MNI US Payrolls Preview: Softer, With Many Moving Parts
Key Events
Calendar
Open CalendarLink to the pagemyMNIhttps://my.mnimarkets.com/dashboard?widget=/events/key-events-calendarHSC on myMNILink to the pageMore CalendarsLink to the page
MNI INTERVIEW: US Services Surged Before Middle East War - ISM

MNI INTERVIEW: US Services Surged Before Middle East War - ISM

MNI US Payrolls Preview: Softer, With Many Moving Parts

MNI US Payrolls Preview: Softer, With Many Moving Parts
Key Events
Calendar
Open CalendarLink to the pagemyMNIhttps://my.mnimarkets.com/dashboard?widget=/events/key-events-calendarHSC on myMNILink to the pageMore CalendarsLink to the pageLatest insights
Head of the UK's DMO talks to MNI on the issuance remit for 2026/27.
Mar-03 17:00MNI looks at the role of the exchange rate in National Bank of Hungary rate deliberations.
Mar-03 15:35MNI discusses the state of the US labor market with Indeed economist Laura Ullrich.
Mar-03 14:18A gas expert at Columbia University’s Center on Global Energy Policy looks at the outlook for prices.
Mar-03 13:25The Iran conflict raised uncertanty around the outcome of the NBP's policy meeting expected to result in a 25bp cut.
Mar-03 12:20Newsletter
MNI US MARKETS ANALYSIS - USD Rally Running Out of Steam
Mar-04 12:08MNI US OPEN - Secret Iran Outreach Adds Latest Complexity
Mar-04 10:47MNI DAILY TECHNICAL ANALYSIS - EUR Bear Cycle in Play
Mar-04 08:11MNI EUROPEAN MARKETS ANALYSIS: Equity Falls Aiding USD
Mar-04 06:03MNI EUROPEAN OPEN: Asia Pac Stocks Plunge
Mar-04 05:44MNI ASIA OPEN: Middle East Conflict Saps Rate Cut Guidance
Mar-03 20:47MNI ASIA MARKETS ANALYSIS: Tanker Escort Helps Risk Sentiment
Mar-03 20:46MNI US MARKETS ANALYSIS - Markets Quick to Price Out Rate Cuts
Mar-03 12:06MNI Technical Analysis
Silver Unwinds Its Overbought Condition

FI Market Analysis
Read moreFI Market AnalysisThe Netherlands is scheduled to hold a DDA and Italy launch a BTP Valore while four countries hold auctions next week.
February 27, 2026 07:01Data took a backseat this week, with dovish shifts despite some solid data, but with NFPs, retail sales and ISMs ahead
February 27, 2026 06:38Today, Italy will hold the supplementary round of its 5/10-year BTP / CCTeu auction to conclude issuance for the week.
February 27, 2026 06:40A weekly wrap of some of the key themes/data outcomes for the Asia Pac region
February 27, 2026 06:11FX Market Analysis
Read moreFX Market AnalysisDownload Full Report Here: https://media.marketnews.com/US_macro_weekly_260220_a4427bd239.pdf EXECUTIVE SUMMARY * Friday's announcement of the US Supreme Court decision to strike down the White House's International Emergency Economic Powers Act (IEEPA) tariffs overshadowed the week's data and Fed developments. * Even if the court's decision wasn't entirely shocking (prediction markets indicated only a 25% probability that the court would uphold the tariffs), it left open questions over whether and when tariff refunds will be paid, and potential impacts on existing trade deals negotiated under the auspices of IEEPA. * One thing that does seem clear is that the sudden drop in tariff rates will be reversed at least partially, muting the longer-run macro impact. The administration was quick to announce a global 10% tariff via Section 122 authority with Section 232 and 301 tariffs to remain and be expanded over time. Treasury Secretary Bessent said that this approach would result in "virtually unchanged tariff revenue in 2026". * Elsewhere, real GDP surprised much lower than expected at 1.4% annualized (cons 2.8) in the Q4 advance release after 4.4% in Q3, although the government sector weighed heavily owing to the shutdown and a very strong deflator. Private demand metrics were close to expectations with PDFP at 2.35%. * Core PCE inflation was in line with unrounded expectations in the delayed December report at 0.355% M/M whilst it ended the year at 3.0% Y/Y (highest since Apr 2024). Core goods inflation accelerated to 2.0% Y/Y (highest since May 2023) whilst supercore PCE inflation at 3.3% Y/Y saw zero disinflationary progress compared to the 3.3% averaged across 2025. * Second tier data saw some sizeable strength with core durable goods accelerating in a positive sign of business investment and with industrial production growth regaining traction and broadening out. * Labor data saw some sequential improvements as well, with weekly ADP rising an average 10.25k per week for its fastest since late November and initial jobless claims surprised notably lower. * Business sentiment indicators were more mixed however, including the flash PMIs for February slipping with the manufacturing index at a seven-month low and services at a ten-month low. It came against a backdrop of strong input and selling cost inflation. * The December trade deficit surprised higher on a pullback in gold net exports. Tech-led capital goods imports continue to surge but are offset by consumer and industrial goods in tariff front-running payback. * The FOMC minutes had a hawkish addition with "several" members wanted to keep open the possibility that the next Fed rate move could be a hike, not necessarily a cut. * Gov. Miran meanwhile pared back his rate cut view, seeing a need for 100bp vs 150bp of cuts this year. * Near-term, last week's NFP-driven hawkish shift has extended further this week, with just 15bp of cuts priced for the June FOMC. There is however still a cumulative 56bp of cuts to year-end and terminal yields are at still the dovish end of recent ranges. * Next week sees data focus on the delayed January PPI for both broader input cost pressures after a strong December update plus the usual PCE readthrough following strong tracking after January CPI.
February 20, 2026 09:10We look at the details of the CPI and labour releases this week.
February 19, 2026 04:33EXECUTIVE SUMMARY: * The RBNZ left rates on hold, as widely expected. The accompanying statement and updated forecast profile, particularly in terms of the OCR track, were not as hawkish as market pricing. Notably the RBNZ projection for the Q4 OCR (average) is 2.38% against a pre market pricing outcome of around 2.64% (for year end) per OIS markets. * RBNZ Governor Breman stated that with excess capacity, economic growth can be stronger in the near term without generating inflation pressures. She said that policy can stay accommodative before gradually tightening. A hike won't be delivered until the central bank sees stronger growth and firmer core inflation pressures. * The market has 29bps of tightening priced by year-end versus 39bps prior to yesterday's decision. Notably, market pricing remains 12-22bps firmer than levels seen prior to November's RBNZ decision. FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK:RBNZ Review - Feb 2026.pdf: https://media.marketnews.com/RBNZ_Review_Feb_2026_6c3f7507c1.pdf
February 19, 2026 03:18Download Full Report Here: https://media.marketnews.com/Fed_Minutes_Preview_Jan2026_6afe548849.pdf Our preview of the January FOMC meeting minutes (out Feb 18 at 2pm ET) includes what to watch for upon release; MNI's FOMC Hawk-Dove Spectrum; analyst expectations; and key highlights of FOMC participant commentary since the meeting.
February 17, 2026 09:24




