Higher yields, inflation and energy prices

Columbia Threadneedle
By September 20, 2019 11:43

Higher yields, inflation and energy prices

Macro / government bonds Core bond yields were meaningfully higher and yield curves steeper last week in the face of better economic data and higher inflation in the US and some more conciliatory action between the US and China with regard to tariffs. In the US, August retail sales grew by 0.4%m/m (+0.8%m/m in July) boosted by a 1.8% increase in auto sales (sales are growing at 4.1% y/y). The University of Michigan sentiment index also rose to 92.0 from 89.8, which exceeded expectations. Meanwhile, the inflation report showed that core (ex-food and energy) consumer prices rose by 0.3% m/m taking the annual measure of inflation to 2.4% (the highest since 2008) – see ‘chart of the week’. The US Federal Reserve meets this week with a 25bps cut in interest rates widely expected.

Columbia Threadneedle
By September 20, 2019 11:43

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