First, the April US inflation rate brought no surprises, coming in as expected at 3.4%, a dip albeit a small one, from March's 3.5%. Their 'core' rate fell to 3.6%, also as expected. Yields on US benchmark bonds are falling in secondary markets, equity prices are rising in anticipation (and to record highs), and the US dollar is weakening as a risk-on mood envelopes markets today. Benchmark mortgage interest rates fell -bps to 7.08%, mortgage brokers report. The monthly inflation rate slowed for the fourth straight month to 8.8% in April from 11% in the previous month and below market forecasts of a 9% gain.

Source: New Zealand Herald May 16, 2024 05:01 UTC