Traders Favor One BOE Cut in 2024 After Hot Inflation Data [BNN Bloomberg (Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
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Source: BNN Bloomberg
Traders moved to fully price one quarter-point reduction by November and as little as a 30% chance of a second cut following the data. That later pared, making a second cut a coin toss. It's a setback for gilt markets, which have sold off over recent weeks as sticky US inflation cast doubts over the speed and extent of rate cuts from the Federal Reserve and central banks globally. UK bonds fell in early trading, sending the policy sensitive two-year yield up four basis points to 4.53%, the highest since late February. “The rate-cutting BOE bus will be delayed,” said Hank Calenti, senior fixed income strategist at SMBC Nikko Capital Markets. “There is an expectations management issue here – Bailey was warning that headline inflation would bounce off 2% soon, but it's services inflation which is driving the bus and this is still way too high.” The prospect of higher-for-longer rates helped lift the pound from a five-month low, with sterling climbing as much as 0.4% on the day to
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SMFG
Sec Filings
- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/25/24 - Form 6-K
- SMFG's page on the SEC website