-
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
-
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 Global Macro Weekly -
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 AccessMNI US OPEN - RBA Holds, Communication Turns Slightly Dovish
MNI China Daily Summary: Tuesday, December 10
DMP survey shows continued slow progress towards disinflationary pressures
The BOE DMP survey showed reducing pressure on wage growth, price growth and unit costs growth, but still only at a moderate pace. While expected employment growth remained steady and realised employment growth fell on a 3ma basis, but saw an uptick in the single month measure.
- The 3-month average of expected wage growth declined 0.3ppt to 4.5%/Y in the 3-months to May 2024, down from 4.8%Y/Y in the 3-months to April. The last three 3ma readings have now all been below 5%, and this followed 8 consecutive periods of either 5.1%Y/Y or 5.2%Y/Y (and was higher for the 10 periods before that). This is the lowest print of since the survey was begun in May 2022.
- Realised wage growth fell to 6.0%Y/Y in the 3-months to May, a 0.2ppt fall from April in a gradual decline seen since the 6.9%Y/Y in the 3-months to January (and from a peak of 7.0%Y/Y in the 3 months to November). This was the lowest since August 2022 (but the single month print increased to the same 6.1%Y/Y seen in March and 5.9%Y/Y - the first time it has been below 6% since July 2022).
- The single month figure for realised employment growth increased from 1.0% in April to 1.7% in May (returning to March levels). This was still below February's 2.3% print, however, so the 3-month average has fallen by 0.2ppt to 1.5% (and follows two consecutive falls of 0.3ppt). This is the lowest 3-month average since the 3-months to November 2021.
- Expected employment growth has remained steady at 1.3%Y/Y in the 3-months to May (and remaining below Nov23-Mar24 levels).
- Expected price growth declined further to 3.9% in the 3-months to May, down 0.1ppt from last month, and from a peak of 6.6%Y/Y in September 2022. The single month reading for mean expected price growth was 3.8%Y/Y in May, down from 4.2%Y/Y in April but a little higher than the 3.7%Y/Y in March.
- The survey also included questions on unit cost growth for the first time since July 2023. Realised unit cost growth was 6.2%Y/Y (down from 9.5%Y/Y in July 2023) while expected unit cost growth was 5.4%Y/Y (down from 6.8%Y/Y in July 2023).
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.