NORWAY: Disinflationary Progress In September Underlying Metrics
Oct-10 12:43
There was a broad-based pullback in Norges Bank's underlying inflation metrics in September, reinfor...
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US DATA: PCE-Relevant Components In PPI Cool After A Strong July
Sep-10 12:41
- Our crude proxy for core PCE contributions stands at 0.05pps in August after offsetting revisions with a still strong 0.11pp in July (vs 0.12pp previously) and 0.04pp in June (vs 0.03pp).
- PPI portfolio management and investment advice: 1.9% M/M after a near enough unrevised 5.5% M/M. We’d only seen Nomura on this beforehand (2.2%) and don’t think this reading will have surprised many although if anything it's on the slightly soft side considering recent strength in equity markets.
- As you can see in the contributions chart below, this category has been providing a lot of the upside recently.
- Our collection of health care services is seen as having a second month of zero M/M contribution, in what’s a clear soft patch since earlier in the year.
US TSYS: Post-PPI React
Sep-10 12:34
- Fast two-way as Treasury futures extend lows before gapping higher after lower than expected PPI inflation data and down-revisions to prior.
- Currently, the Dec'25 10Y trades +2 at 113-13 (yld 4.0645 -.0230) vs. 113-16 high -- Initial resistance above at 113-21+ High Sep 5.
- Curves steeper: 2s10s +0.402 at 53.111, 5s30s +0.860 at 112.185.
- Soft PPI heads enough to re-trigger USD weakness, erasing the entirety of the morning's tepid gains on Poland/Russia headlines. GBP/USD's show back above 1.3550 tops out at 1.3563, still well short of yesterday's highs into 1.3590.
MNI: US AUG FINAL DEMAND PPI -0.1%, EX FOOD, ENERGY -0.1%
Sep-10 12:30
- MNI: US AUG FINAL DEMAND PPI -0.1%, EX FOOD, ENERGY -0.1%
- US AUG FINAL DEMAND PPI EX FOOD, ENERGY, TRADE SERVICES +0.3%
- US AUG FINAL DEMAND PPI Y/Y +2.6%, EX FOOD, ENERGY Y/Y +2.8%
- US AUG PPI: FOOD +0.1%; ENERGY -0.4%
- US AUG PPI: GOODS +0.1%; SERVICES -0.2%; TRADE SERVICES -1.7%
