A Temporary Change in Direction
Thursday 21st April 2022Bond yields have fallen sharply overnight, but that doesn\u2019t mean inflation expectations are going away, or does it? NAB\u2019s Taylor Nugent says the Fed\u2019s Beige Book, out overnight, highlights some examples of how inflation might be nearing its peak, but there are plenty to suggest otherwise. For example, Canada\u2019s CPI and German PPIs, two sets of numbers showing prices are still rising, at quite a rate. NZ CPI numbers are out soon. Also today, a short-term reprieve for the Yen, whilst the Yuan falls to a six-month low. The Zero COVID approach had an impact on Japan\u2019s export numbers, and will add to global inflation worries. And what about their attitude towards Russia? If you want a healthy dose of geopolitics, the French Presidential debate is also on today, ahead of the weekend election, and it\u2019s close.
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