Tomorrow's Macro Roadmap: JGB auction / Swiss GDP & sight deposits / BOE, ECB & Fed speak / Buba report /US NAHB
The data calendar is pretty light, apart from the China data dump. On the policy maker front, we get BOE's Mann, who delivered an LSE lecture on UK international exposures last Tuesday.
8/ Europe's structural constraints continue to limit its equity market's ability to compete globally, and UK debt dynamics remain in focus.
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Separately, Trump and Xi signaled alignment on keeping the Strait of Hormuz open, though no progress was reported on Iran itself.
6/ ECB's Vujcic said a June rate increase will depend on incoming data, keeping the door open but not committing.
4/ Global bond yields have hit multi-decade highs. The G-7 is set to discuss the selloff, which is now spilling into US equities after months of decoupling.
5/ Reports indicate the US and Israel are preparing renewed strikes on Iran as early as next week.
Following the latest inflation surge, traders are now pricing the next Fed move as a hike rather than a cut.
3/ The Fed named Jerome Powell Chair Pro Tempore until Kevin Warsh is sworn in as Chairman — a leadership transition at the central bank amid the inflation repricing.
