Global Markets React to Renewed Inflation Fears🤔
Risk-on, risk-off. After a solid recovery on Monday, markets flipped the script again yesterday as renewed fears of reflation, signs of reacceleration in some US data, and fears of more aggressive policy action piked treasury yields across the curve again. An early report from BBG stating that BoJ may consider raising inflation forecasts for 2023 and 2024 at the next BoJ Meeting (Oct 31st) took 10y JGB yields to 10-year highs, while a strong German ZEW survey and a weak 2yr Schatz auction took front-end German yields 9.5bp higher on the day.
#macro #inflation #German_ZEW #Schatz_auction #yields

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