The stronger-than-expected US CPI inflation print underpinned the dollar and US Treasury yields, pushing spot gold and US equity index futures southbound. The Fed funds target rate was also repriced, dropping to less than two rate cuts for the year.
It was quite the week! Top of the bill last week, of course, was the stronger-than-expected US CPI inflation print, which, immediately following the release, underpinned the dollar and US Treasury yields, as well as pushed spot gold and US equity index futures southbound. Interestingly, a hawkish repricing in the Fed funds target rate was also seen, dropping from -70bps of easing priced in for the year to -45bps, as of writing.
The BoC communicated that the central bank requires further evidence that inflation is slowing, though it did echo that they’re nearing the point where rate cuts are on the table. The RBNZ did not deliver much to work with, but it did communicate that policy would remain restrictive in the near term, with inflation remaining above target, thus striking more of a hawkish tone and reinforcing the New Zealand dollar .
US CPI Inflation Dollar Treasury Yields Spot Gold US Equity Index Futures Fed Funds Target Rate Rate Cuts
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