Multi-Asset Strategy Daily

The report highlights a market shift towards pricing a weaker US labour market, driving yield curve steepening. Focus is also placed on the ECB's September stance and the Gilt market's holiday-mode consolidation.

Key Takeaways

• 1.Softer US labour market data leads the market to dial back July rate hike pricing and Fed tightening expectations.
• 2.10Y UST yields are expected to remain in the post-FOMC range of 4.40-4.55%.
• 3.ECB policy outlook depends on fading oil shocks and balanced growth/inflation risks, with key officials' rhetoric in focus for September.

Table of Contents

• USD
• EUR
• GBP
• JPY

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