A look at the day ahead in European and global markets from Wayne Cole.
A pdf search of the conference shows disinflation or disinflationary was used 13 times, compared to twice at his December event. For sure, service inflation had yet to turn the corner, but he expected to see that "fairly soon."
So of course Treasuries rallied, with 10s down 9bp and 2s 10bp in the wake of the conference and a bit more in Asia. Next targets are the Jan lows at 3.321% and 4.04%. The euro jumped to a 10-month peak of $1.1034 and could go further if ECB chief Christine Lagarde sounds as hawkish as everyone seems to expect after today's policy meeting.
Across the Channel, the Bank of England is also seen hiking 50bp today, though with some outside risk of 25bp.The following media conference by Governor Andrew Bailey and colleagues is likely to be a tough one, assuming they can even get to it given all the strikes.
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