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US first quarter GDP growth is an annualised 1.6%, well below the 2.5% consensus expectation, but inflation is hotter with the core PCE deflator up 3.7% annualised versus 3.4% expected. This suggests, assuming no revisions to monthly data, that the core PCE deflator will come in above 0.4% tomorrow rather than the current 0.3%MoM consensus forecast. ...
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US Treasury Secretary Janet Yellen said intervention in foreign-exchange markets should be rare, when asked for her reaction to any potential move by Japan to address the slide in the yen against the dollar. “Adjustments of exchange rates in markets is part of what enables countries to have different policies,” as reflected in the thinking of Group of Seven ...
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