Rates Off the Peak on Dovish Central Bank Remarks

Key Points

Central Banks not giving in to the market reaction on rates hikes, Fed and BOE dovish on the meeting and keeping their transitory inflation view

Robust US jobs data show another month of progress in unemployment rate and average hourly earnings while labor participation continues to be sluggish

Shaky HY real estate markets and rising COVID cases in China dampen domestic activity despite a pickup in export – something to closely monitor

Cash-bond spreads moved sideways over the week while CDS indices outperformed

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