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CIO Corner
Daily Macro Lens
Get your daily round-up of markets, macroeconomic trends, and global shifts through the Daily Macro Lens.
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Europe's Inflation Spectre
March 30, 2026
Europe's inflation outlook is shifting. March CPI prints across the Eurozone and Switzerland are due this week against the backdrop of the oil price shock. The data is likely to confirm what markets already suspect i.e., rising inflation prints in March.
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There and Back Again
March 27, 2026
G4 sovereign yields are surging as sticky inflation, a resilient US economy, and rising energy prices force a global bond market repricing. The UK gilt market bears the heaviest burden — 10-year yields topping 5% (last seen in 2008) expose the fragility of Britain’s fiscal position and the limits of cheap government borrowing.
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Dollar Resilience and Yen Under Pressure
March 26, 2026
The dollar has reclaimed 100 on the DXY, driven by geopolitical safe-haven demand and a delayed Fed easing cycle. USD/JPY is testing critical intervention territory near 160 — a level Tokyo has defended before. With the BoJ growing more sensitive to yen-driven inflation, the next move in this pair may not be the market’s to make.
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War Risk Reprices the Rate Path
March 25, 2026
The US yield curve has decisively shifted. A war-driven energy and inflation shock has caused a repricing at the short-end: the 2Y UST yield has surged more than 50bp in recent weeks. Markets have all but priced out rate cut bets.
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Higher for Longer, Again
March 24, 2026
The US-Iran conflict has reshaped the global rate narrative overnight. Energy-driven inflation has forced G10 central banks into a unified hawkish stance - rate cuts shelved, and rate hikes back on the table. Rate futures have repriced sharply higher across the Fed, ECB, BoE, BoJ, BoC, RBA, and Riksbank. Higher-for-longer is no longer a forecast - it's consensus.
Contributor
Julia Wang
CIO North Asia
Disclaimer
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IWM CIO Corner Disclaimer
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