EM LATAM CREDIT: Colombia: May economic activity - Neutral
Jul-18 15:59
(COLOM; Baa3/BBneg/BB+neg)
"*COLOMBIA MAY ECONOMIC ACTIVITY RISES 2.81% Y/Y; EST. +2.9%" - Bbg
Stronger than last month's 1.2%. The IMF projects 2.4% real GDP growth for 2025.
COLOM 8% 2035 were last quoted T+333bp, 31bp tighter since March 31st and 1bp wider YTD.
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US DATA: Business Inflation Expectations Contained In June – Atlanta Fed
Jun-18 15:37
The Atlanta Fed’s Business Inflation Expectations survey for June (in-depth report, here) continued to show relatively modest impacts from US tariff policy.
- Firms’ 1Y ahead inflation expectations, defined in the details as the mean change in expected unit costs over the next 12 months, fell to 2.42% in June from 2.54% in May.
- It’s down from a recent high of 2.76% in April (highest since Jul 2023) for the lowest since February but still a little above the 2.24% averaged in 2024 for context.
- The increase and subsequent pullback is more in keeping with a modest increase in consumer expectations from the NY Fed’s survey as opposed to the sharper climbs in the U.Mich survey and less so Conference Board survey.
- This release also sees the quarterly question for firms’ long-run unit cost inflation expectations 5-10Y ahead, with it unchanged at 2.8% from the March survey. It’s up from Q4 low of 2.6% (lowest since 3Q20) but has only increased back to the 2.8% averaged since the survey started in 2012 through 2019.
- The combination points to a more mellow uptick in inflation expectations compared to sharper increases in prices paid components of ISM manufacturing and services surveys as of May.
FED: US TSY 8W BILL AUCTION: HIGH 4.470%(ALLOT 16.95%)
Jun-18 15:32
- US TSY 8W BILL AUCTION: HIGH 4.470%(ALLOT 16.95%)
- US TSY 8W BILL AUCTION: DEALERS TAKE 48.72% OF COMPETITIVES
- US TSY 8W BILL AUCTION: DIRECTS TAKE 9.12% OF COMPETITIVES
- US TSY 8W BILL AUCTION: INDIRECTS TAKE 42.16% OF COMPETITIVES
- US TSY 8W BILL AUCTION: BID/CVR 2.70
FED: US TSY 4W BILL AUCTION: HIGH 4.060%(ALLOT 48.91%)
Jun-18 15:32
- US TSY 4W BILL AUCTION: HIGH 4.060%(ALLOT 48.91%)
- US TSY 4W BILL AUCTION: DEALERS TAKE 18.15% OF COMPETITIVES
- US TSY 4W BILL AUCTION: DIRECTS TAKE 2.93% OF COMPETITIVES
- US TSY 4W BILL AUCTION: INDIRECTS TAKE 78.92% OF COMPETITIVES
- US TSY 4W AUCTION: BID/CVR 3.15
