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Inflation - EUR

Euro inflation flattened again as the front end surged on the back of energy and uncertainty about Germany's plans to protect households.

Euro inflation continued to bull-flatten with the front end and FRF leading the gains. BNPP looks at impact of net zero on inflation risk premia.

Both the Rhine and the euro inflation market were deemed illiquid today as the curve bull-flattened. Meanwhile French inflation continued to suffer.

Confirmation of a ‘technical recession’ sent a series of tremors through the financial landscape that saw BEs trade choppily into the green.

BEs were lifted into and out of today’s 75bps rate hike by the Fed in a broad multi-asset advance.

A jumpy and erratic pre-FOMC trade intraday pushed and pulled BEs and inflation swaps every which way but loose to ultimately end narrowly mixed.

Another rise in gas prices and choppy trading in oil helped to bull-flatten inflation even as the Italian auction found support from dealers' short.

Against a series of cross currents, BEs traded softer into and out of today’s $17bn 10y TIPS auction before a late-day bid lifted them off the lows.

Euro inflation bear-steepened today against the backdrop of a hawkish ECB decision, a big selloff in Italian assets, French supply and weaker oil.

Euro inflation bear-steepened a tad today ahead of the ECB and French supply later in the week.

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