Pre game inflation talk/Tight credit/RBNZ/Watch the yen
The market set up ahead of the CPI report already has priced in much lower inflation rates for the coming years. The one yr inflation breakeven is down to just 1.53%, the 2 yr right at 2% and the 5 yr at 2.17%. Part of this is the further moderation that we will see (more pronounced today because of the easy June 2022 comparison) but also expectations t…
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