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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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Free AccessUS ECI Disappoints But Still Very Solid
- There's a fair bit to pick from the larger than expected moderation in the ECI from 1.3% to 1.0% Q/Q in Q4 (cons. 0.2%).
- The wages & salaries component eased from 1.5% to 1.1% Q/Q (the drop looking larger on rounding) and appeared relatively broad-based across major industries, barring bumper increases in 'trade & transportation' and construction plus a large outright decline in ever volatile financial services.
- There were broadly similar pull backs in both private (1.6 to 1.2%) and public (1.0 to 0.7%) sectors.
- So, softer than expected but still one of the strongest prints since the early to mid-2000s.
- Eurodollars are up roughly 3 ticks across the curve following the release, which coincided with a broadly as-expected personal incomes/core PCE deflator report for December.
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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.