= Home =
Insights
Trading ideas
Portfolios
Returns
EXPLORE MAPS
Macro
Cycle
Macro context
Economic growth
Inflation & jobs
Central banks
Markets
Sentiment monitor
Relative speed
Drivers & analysis
Valuations
The Macro Context
EU: MARKET EXPECTATIONS
−
GROWTH
issues
INFLA
possibly higher
RATES
stable
−
GROWTH DRIVERS
Composite PMI
48.5
Manufacturing PMI
51.6
Services PMI
47.7
Consumer Confidence
-18.2
INFLATION
Inflation
3.2%
Core Inflation
2.6%
5y Breakevens
1.5%
5y5y Inflation FWD
2.0%
Commodity prices
126.4
JOBS
Unemployment
6%
Hiring Expectations
95.4%
Wages
3.6%
MONETARY POLICY
Rate Futures
50bp
QT: flows
€-5.0bn
Business Lending
6.6
Mortgages
-2.4
US: MARKET EXPECTATIONS
+
GROWTH
solid
INFLA
possibly higher
RATES
upcoming hikes
+
GROWTH DRIVERS
WEI
3.1%
Composite PMI
51.5
Manufacturing PMI
55.1
Services PMI
50.7
Consumer Sentiment
49.8
INFLATION
US Inflation
4.3%
Core Inflation
3.0%
5y Breakevens
2.27%
5y5y Inflation FWD
2.23%
Commodity prices
126.4
JOBS
Initial claims
226k
Non-Farm payrolls
172k
Unemployment
4.3%
Wage Growth
3.4%
MONETARY POLICY
Rate Futures
0bp
QE: flows
$7.4bn
Business Lending
8.1
Consumer Lending
2.0