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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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2H22 Fed Hike Expectations Taking The Brunt

STIR FUTURES
  • Fed Funds implied hikes continue to ease as equities fall and the USD rises.
  • Cumulative hikes for July (9.5bps) are not far off when the US came in but there have been larger slides on the day further out. Both Sep (133bp) and Dec (181bp) are ~5bp lower than prior to US CPI.
  • Next inflation data tomorrow from int’l trade prices, with non-oil imports of note to see if USD strength weighs further after weak CPI apparel, along with preliminary U.Mich inflation expectations for May.
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  • Fed Funds implied hikes continue to ease as equities fall and the USD rises.
  • Cumulative hikes for July (9.5bps) are not far off when the US came in but there have been larger slides on the day further out. Both Sep (133bp) and Dec (181bp) are ~5bp lower than prior to US CPI.
  • Next inflation data tomorrow from int’l trade prices, with non-oil imports of note to see if USD strength weighs further after weak CPI apparel, along with preliminary U.Mich inflation expectations for May.