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Daily Alert: US inflation soars but market snores

  • Market reaction was modest following last night’s stronger-than-expected US inflation print, with a brief blip in US yields and the USD.
  • US equities initially dropped but subsequently pushed higher, with markets betting that the FOMC will look through the higher inflation print.
  • Meanwhile, the ECB held its major policy interest rates at record lows and stuck to its dovish script.

 

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