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Daily Alert: Persistence matters not the inflation peak and Powell signals 50bp May Fed hike

  • Headline NZ CPI inflation surprised on the downside (just 1.8% qoq, 6.93% yoy) in Q1 but that was about where the downside surprises ended, with core inflation soaring
  • FOMC Chair Powell made his position about as clear as he could in the world of central banking signalling it was appropriate for the FOMC to front load (or speed up) policy tightening, with a 50bp hike “being on the table”
  • Global yields jump overnight, with US stocks pressured lower

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