FRANCE: Former PM Attal Announces Presidential Bid Amid Crowded Field
May-22 15:48
Speaking in the village of Mur-de-Barrez, in the southern department of Aveyron, former PM and Gener...
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FED: US TSY 17W BILL AUCTION: HIGH 3.610%(ALLOT 21.64%)
Apr-22 15:32
- US TSY 17W BILL AUCTION: HIGH 3.610%(ALLOT 21.64%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 41.13% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 6.11% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 52.76% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.02
INFLATION: EUR Expectations Echo Tracking Between Baseline & Adverse Scenario
Apr-22 15:22
- Eurozone market-based inflation expectations have continued to broadly plateau, with the 1Y trending a little lower over the past two weeks but a range of subsequent metrics from 1Y1Y to 5Y5Y keeping within steady ranges.
- The 1Y at 3.16% (+136bp during Iran war) remains comfortably above the 2% inflation target but the 1Y1Y is still relatively well anchored at 2.24% (+49bp).
- Notably, considering the paring of losses in European equities, there has been very limited pullback in 1Y1Y inflation expectations since the 2.31% highest close on Mar 20 (it peaked higher on Mar 23 before the delay of US strikes on Iranian infrastructure at the time).
- The 5Y5Y is particularly well anchored meanwhile, at 2.13% for just 4bps above pre-war levels.
- Inflation expectations at least therefore do indeed look somewhere between the ECB’s baseline and adverse scenario laid out in March, a point made by various ECB policymakers including Lagarde again earlier this week. It's likely helped by expectations of rate hikes ahead (~60bp of hikes currently vs ~40bp at the projection cut-off).
- ECB projections saw headline inflation average 2.6% in 2026 and 2.0% in 2027, whilst adverse scenario saw headline 0.9pps higher in 2026 & 0.1pp higher in 2027 and the severe scenario saw inflation 1.8pps higher in 2027 and 2.8pps higher in 2027.
FED: US TSY 17W AUCTION: NON-COMP BIDS $601 MLN FROM $69.000 BLN TOTAL
Apr-22 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $601 MLN FROM $69.000 BLN TOTAL
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May-22 16:54
