热门标签

皇冠博彩app:Taming inflation without killing growth

时间:2个月前   阅读:17   评论:8

皇冠博彩appwww.hg9988.vip)是皇冠博彩公司官方投注网,开放皇冠博彩app下载、信用网现金网代理会员开户,线上博彩的官方平台。

NEW YORK: The bond market is signalling that in the matter of the Federal Reserve (Fed) versus inflation, its money is on the US central bank.

Demand for inflation protection – as measured by yields on inflation-protected Treasury debt – keeps falling.

The five-year expected inflation rate implied by those yields is back below 2.6%, down from a March peak of 3.76%.

Meanwhile the market’s expected peak in the Fed’s policy rate remains below 4%, and long-dated Treasury yields have rebounded from levels that suggested a recession was in the cards.

“If inflation comes down to what breakevens are pricing today, then a soft landing is possible,” said Rick Rieder, the chief investment officer of global fixed income at BlackRock Inc, the world’s biggest asset manager. Breakeven rates for Treasury inflation-protected securities, or TIPS, represent the market’s expectation for the annual inflation rate for the maturity of the debt.

While commodity price trends help explain the drop in shorter-term breakeven inflation rates – the futures prices of crude oil and petrol fell to the lowest levels since January this week -- longer-term TIPS breakevens are back below 2.5%, even as consumer price index (CPI) inflation was 8.5% in July.

That’s a vote of confidence in Fed officials including chair Jerome Powell, whose latest public comments last Thursday emphasised the importance of not allowing high inflation expectations to become entrenched with consumers. “The clock is ticking” on keeping those expectations in check, he said.

Powell’s comments largely cemented the view that the Fed will opt for another three-quarter-point rate increase on Sept 21, the next decision date, bringing the total amount of tightening since March to three percentage points.

,

皇冠体育开户www.hg108.vip)是一个开放皇冠正网即时比分、皇冠体育开户的平台。皇冠体育开户平台(www.hg108.vip)提供最新皇冠登录,皇冠APP下载包含新皇冠体育代理、会员APP,提供皇冠正网代理开户、皇冠正网会员开户业务。

,

Fed governor Christopher Waller and St Louis Fed president James Bullard, speaking last Friday, also backed a larger hike.

Fed officials customarily refrain from commenting during the week preceding a scheduled meeting, a period that has begun.

As recently as late August, a half-point rate increase was viewed as the likelier outcome, based on the pricing of swaps referencing Fed meeting dates.

Now it would take much weaker-than-expected August inflation data – to be released tomorrow – to revive talk of a smaller increase of 50 basis points.

In July, the annual CPI rate slowed more than expected to 8.5%. Further deceleration is estimated for August, to 8%.

Even as swaps assigned more than 80% odds to a bigger September rate increase, the expected peak in the Fed’s policy rate – in March 2023 – remained below 4%.

The swaps curve continues to price in a quarter-point rate cut from the peak level by the end of 2023, but as recently as a month ago it priced in a half point.

Consistent with that, this week’s increase in longer-dated Treasury yields – the 30-year bond’s exceeded 3.51% for the first time since 2014 – lessened the inversion of the yield curve, effectively downgrading the chances of a recession.

上一篇:新2足球注册(www.m10086.com)

下一篇:欧博APP下载:Tiêu điểm ngân hàng tuần qua:

网友评论

  • 2023-01-31 00:39:30

    Nhưng như Apple đã cho biết họ không có kế hoạch bán iPhone sử dụng chip YMTC cho thị trường bên ngoài Trung Quốc. Apple cũng nói rằng tất cả dữ liệu người dùng được lưu trữ trên chip flash Nand trong các thiết bị của Apple đều được “mã hóa hoàn toàn”.还写吗