China bouncing back, BoE holding back, Treasuries kick higher

Thursday 2nd March 2023

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It’s been a session of mixed news overnight. US 10 year treasury yields have hit 4 percent as expectations continue to mount for higher rates for longer. In China the PMIs came in higher than expected. NAB’s Ken Crompton says we are seeing the same picture we saw in western economies as they came out of lockdown, with a faster bounce back than anticipated. In Australia the GDP data showed a softening of demand, but yields reacted to a rise in the monthly CPI number. In the UK the central bank governor suggested there was not necessarily any need to raise rates, but the mood is very different in Europe with the region’s inflation number expected to kick higher today.

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