Markets don’t just ignore macro any more, they do the opposite

Yesterday’s US March CPI data are covered in detail in James Knightley’s (JK) note here, which also rams home the point that there is more of this to come. Please read his note for the details. The point I wish to make is this. The CPI figures came in above consensus (0.5%MoM, and 2.5%YoY was expected). The March figures rose 0.6%MoM and 2.6%YoY. This was not just a result of some rounding up from a marginally higher month-on-month figure. That increase of 0.6% MoM was forecast by some, but this was a solidly stronger figure than the consensus had been forecasting. Real yields on US Treasuries were negative prior to … (full story)

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