![]() ![]() The latest Fed speakers have given some hawkish pushback That will come, but we need more before jumping to that. It’s that, plus supply pressures that can keep real rates elevated, preventing a collapse lower based on imminent rate cut expectations. It still leaves the core rate with a 4% handle though so still some work to do. Not only is there a positive base effect, but the month-on-month (falling energy price impacted) outcome could be so low as to get the headline inflation rate practically down to 3% (or very near to it). Pitted against that is the growing realisation that we’ll get a big fall in US headline inflation next week. The rationale here centres on a continued edge higher in inflation expectations (5yr*5yr inflation swap now at 2.75%), continued macro resilience, and deficit pressure. So far we’ve held above this, and remaining above can set a platform for a resumed re-test higher in yields. This is something we need to keep an eye on, as it can be the precursor to heightened volatility ahead.ĭirectionally, we continue to regard the 4.5% area of the US 10yr Treasury yield as key. The last thing the market needs is a further curb to liquidity, as that too can pose issues during times of crisis, and/or big shifts in sentiment. On many measures, US Treasuries are already suffering from a vexed liquidity circumstance. At the same time, basis trades and the like are a key component of liquidity in Treasuries. Meanwhile, SEC Chair Gary Gensler has been fretting about leveraged trades in the US Treasury market, noting that it can create instability. We continue the theme of big intra-day movements, and it comes against a backdrop where not huge volumes are going through, manifesting in optics of poor liquidity. We should build a moderate concession into these auctions, although the mood music has been to test the downside for yields, a reversal of the dominant mood on Monday which saw yields resolutely rise. A bigger test from the 10yr today, and then the 30yr tomorrow. The auction itself saw a decent indirect bid (including the important central bank component), was well covered, and did not tail. The decent 3yr auction was a positive impulse for Treasuries but was not the only underpinning factor. Fix Reply-To header issue with WordPress 4.US Treasuries holding in at above 4.5%.Send assoc array to wpsp_smtp_msys_api filter. ![]() Clarify attachment can’t be sent with template and include workaround example ( #96).Fix the issue to use template hook when not set in settings ( #95).Add Templates: Read/Write permission to API Key for this to work! Support attachments in template ( #97).Fix error with older php version ( #113).(Optional) Email logging support for better debugging.Avoid db checking if email logging is not enabled.Fixed invalid data format/type bug ( 153).Fixed parsing of headers and addressed class-phpmailer.php deprecation notice (for HTTP) ( 156).Fixed broken SparkPost logo on settings page ( 157).Fixed undefined property warning when logging subject ( 160).Fixed fatal error PHPMailer\Exception not found ( 163).Click on Settings -> SparkPost to open the SparkPost plugin configuration page and complete setup. ![]() Upon successful activation, SparkPost will appear on the Settings menu in the WordPress Admin Panel. Click Activate to activate your new plugin. ![]() In the list, you should see your new SparkPost plugin.
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