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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.
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- Today’s Feb reports for PMI services (finalised) and ISM services (new) both show increasingly strong service inflation.
- ISM services saw prices rising ~1pt to 83.1 and only slightly below December’s peak, whilst the PMI earlier implied the sharpest rise in service sector output prices on record in response to another marked rise in input costs.
- This comes after service CPI inflation accelerated in Jan on the fastest sequential rise in tenants’ rent since 1992, potentially with more broad-based strength ahead.
- Market-based inflation expectations actually dipped on the releases but are quickly trending in the wrong direction for the Fed. The 5Y breakeven is close to highs at 3.30% whilst longer-term 5y5y inflation swaps hit 2.62%.
5Y breakeven (white), 5y5y inflation swap (yellow) and differential (green)Source: Bloomberg
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.
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