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Daily Alert: Tame inflation dents reflation trade

  • Climbing global equities and the reflation trade-led steepening in global yield curves has been the predominant market theme so far this year.
  • Tame January US consumer price inflation data did not provide much ammunition to support overheating, with plenty of slack in the global economy dampening pricing pressures.
  • Locally, NZ yields were slightly lower yesterday and the curve flatter, unwinding recent gains.

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