Societe Generale in its early Wednesday economic news summary pointed out:
Brent offered inside a weekly range. 10-year United States Treasury dips to 4.465%, lowest since May 14, 2s/10s flattens to 44.5bps. Federal Reserve's Kashkari (FOMC voter): prolonged war could un-anchor inflation expectations and trigger a series of rate increases.
The Reserve Bank of New Zealand holds OCR at 2.25%, MPC split 3-3, Governor Breman casts deciding vote for no change. Statement: rates may need to rise sooner and by more than signaled in February. Inflation expected to peak at 4.3% in September quarter, forecast to return to 2% target mid-point in mid-2027. NZD/USD +0.6% to 0.5870.
Australia April consumer price index slows more than forecast to 4.2% year over year from 4.6% in March, core up a tick at 3.4% following temporary fuel tax cut. Implied odds of another 25bps Reserve Bank of Australia hike this year drop to 80%, three-year ACGB -5bps to 4.49%, AUD/USD -0.15% at 0.7151.
Day ahead: Fed speakers Logan, Cook. UST five-year auction. French consumer confidence. Germany 15-, 30-year auction. United Kingdom sells seven-year Gilts.
Nikkei +0.15%, EUR 10-year IRS -1bp at 3.0%, Brent crude -1.5% at US$98.1/barrel, Gold -0.5% at US$4,483/oz.