>5% wage gains for the Rengo union members in Japan, which paves the way for policy action from the BoJ. Meanwhile, the PBOC refrained from cutting. Possibly as rate cuts are off the table in the US given the PPI developments?
USD Inflation Watch: Softer than recently seen – May back in play!
With revisions out of the way, we can look forward to the US CPI report on Tuesday. Everything points towards a softening and a May cut should be back in focus!
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Something for your Espresso: Producer deflation and a cyclical rebound
Most recent trends point to a combo of outright deflation in the producer leg paired with short-term cyclical optimism. It almost sounds too good to be true given what we have been through. Hello, Goldilocks (for the time being).
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Something for your Espresso: Ooooops, there goes the service sector
The Philly Fed NBOS survey revealed a weakening service sector for the first time in this cycle. Is this the final shoe to drop? The UK meanwhile remains the laggard on inflation.
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Something for your Espresso: PPIs speak loudly
The Canadian PPI continued its landslide yesterday and it makes you question whether BoC was too quick re-accelerating the hiking cycle. Meanwhile, markets keep coping with USD issuance.
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