SocGen's Overnight Economic News Summary

MT Newswires

Societe Generale in its early economic news summary pointed out:

— US dollar off overnight lows, 10-year US Treasury recovers from 4.40% to 4.43%. US Treasury Secretary Bessent on President Trump: He is not calling for the Federal Reserve to lower rates. He and I are focused on the 10-year UST. The bond market is recognizing that energy prices will be lower and we can have non-inflationary growth. Concrete measures will be closing the budget deficit or reducing the budget deficit and rethinking this whole tariff strategy. Interest rates will take care of themselves and the dollar will take care of itself.

— Bank of Japan hawk Tamura calls for 1.0% rate in 2HFY25 (year ending March 2026), says even at 0.75% real interest rates will remain negative.

— Sweden's CPIF up to 2.2% year over year in January, the highest since last May. Core CPIF excluding energy climbs to 2.7%, testing 0.97.

— Day ahead: Bank of England forecast to cut 25bps to 4.50%, downgrade growth outlook. U.S. weekly jobless claims. Federal Reseve speakers Waller, Logan. European Central Bank's Nagel and Escriva. Mexico's Banxico forecast to reduce 50bps to 9.50%. Czech central bank (CNB) forecast to cut 25bp to 3.75%. France and Spain benchmark auctions.

— Nikkei +0.6%, EUR 10-year IRS +1bp at 2.32%, Brent crude +0.3% at $74.9/barrel, Gold -0.4% at $2,860/oz

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