-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessDMP survey largely in line; but still points to stickiness and delayed cuts
- Overall there weren't huge changes in the DMP survey - so no huge monpol implications here. Expected wages, prices and employment were all broadly unchanged since last month. And the realised numbers for all of these showed further moderation. But overall the survey still points to some continued concerns of stickiness and improvements slower than some had hoped for. So if anything we see this as reinforcing expectations that cuts may not come as quickly as the market prices currently.
- The key components worth watching in here are the inflation expectation components and wage expectations and employment growth component.
- Expected year-ahead wage remained steady at 5.2% on a 3-month basis. This was the eigth consecutive release that saw the 3-month average rate at 5.1% or 5.2% (and is down from a peak of 6.0% in December 2022).
- Expected price growth in February remained at 4.3% on a 3-month basis (it has now been 4.3% or 4.4% for 3 consecutive months). Realised price growth slowed on a 3-month average basis to 5.4% in the 3-months to February from 5.6% in the 3-months to January, 5.9% in the 3-months to December and 6.6% in the 3-months to November. Between June 2022 and October 2023 the survey stayed in a 7.1-8.1% range.
- In terms of employment growth, the 3-month average of 2.3% of realised employment growth in the 3-months to February was 0.1ppt lower than in January and the lowest since November 2021.
- Expected employment growth slowed for the first time since September by 0.1ppt to 1.6% in the 3-months to February (it had picked up to 1.7% on the 3-months to January from a trough of 1.2% seen in both September and October 2023).
- Note that the BOE has been placing an increasing weight on this survey over the past few months - and even more so since the official ONS labour market data started to throw up more issues.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.