TURKEY: CBRT Blog Post Highlights Improvement in Inflation Expectations
Feb-20 13:36
The CBRT have posted a new blog post titled: “Monetary Policy and Anchoring of Expectations.” Highlights below:
- On the one hand, it is documented that inflation expectations of households and firms are systematically biased upwards, dispersed and volatile compared to market participants.
- On the other hand, similar to market participants, inflation expectations of firms and households also tend to be anchored.
- On the back of the tight monetary policy adopted as of the second half of 2023, both the level and distribution of inflation expectations have improved. Sustained recovery in anchoring measures in the upcoming period will underpin efforts to achieve and maintain price stability.
See the full post here.
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EGB SYNDICATION: New 15-year OAT: Final terms
Jan-21 13:33
- Size: E10bln (MNI expected E5-8bln with upside risks of E9-10bln)
- Books in excess of E134bln (inc E4.3bln JLM interest)
- Note: That is a both a record deal size and record book size for a French syndication.
- Spread set at 0.50% May-40 OAT (MID) +8bps (Guidance was +10bps area)
- Maturity: 25 May 2042
- Settlement: 28 January 2025 (T+5)
- Coupon: Full first coupon on 25 May 2025
- ISIN: FR001400WYO4
- Bookrunners: BNPP / CACIB / HSBC / MS / SG (DM and B&D)
- Timing: Books closed at 10:00GMT / 11:00CET. Allocations and pricing later today.
From market source
MNI: US JAN PHILADELPHIA FED NONMFG INDEX -9.1
Jan-21 13:31
- MNI: US JAN PHILADELPHIA FED NONMFG INDEX -9.1
CANADA DATA: Canada Dec CPI +1.8% YOY, Core Measures Slow
Jan-21 13:30
- Canada headline inflation +1.8% from a year ago vs prior +1.9% due to federal government's two-month tax holiday which started Dec. 14.
- Decline in restaurant spending and alcoholic beverages contributed the most to headline deceleration. StatsCan said it was the first annual decline in food purchased from restaurants, also seeing largest monthly drop at -4.5%.
- BOC preferred core measures slow. Trimmed mean in Dec. +2.5% from 2.6% in Nov. Median +2.4% from prior +2.6%. Core measures exclude indirect taxes like the GST.
- Excluding indirect taxes, Canada's Dec. headline inflation +2.3% YOY.
- Canada Dec. CPI -0.4% MOM; forecast was -0.3%.
- BOC has said it will look through temporary tax effects and its next interest rate announcement is set on January 29.
