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Strong demand with muted price growth; an ideal print for soft landing

CREDIT MACRO

Strong S&P PMI report; " output growth quickened to the sharpest rate in seven months...driven by service providers". Demand & supply issues not impacting prices (yet); "overall input costs rose at a slightly softer pace at the start of the year while firms raised their selling prices at the slowest rate since May 2020". Positive expectations from businesses (& unlike the UK expectations don't seem tied to rate cuts); "Increased optimism reportedly stemmed from hopes of improving demand conditions, investment in new machinery and the release of new service lines." The strong conditions and expectations have flown through to employment as well that rose again & hiring "often constrained by labor shortages" - a risk to wages growth there. Note seems domestic demand driven; "New orders inflows have now picked up for three months, buoyed in particular by improving sales to domestic customers". Belly US rates +4bps on the print.

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