YIELDS on government securities (GS) edged up last week as headline inflation hit a new 14-year high in December.
YIELDS on government securities edged up last week as headline inGS yields, which move opposite to prices, went up by an average of 6.85 basis points at the secondary market week on week, according to the PHP Bloomberg Valuation Service Reference Rates as of Jan. 6 published on the Philippine Dealing System’s website.
Analysts said the December 2022 inflation data and positive economic reports in the United States are what drove yields higher last week. Full-year inflation averaged 5.8%, matching the BSP’s forecast but faster than its 2-4% annual target and the 3.9% average posted in 2021. It also marked the highest since 2008’s 8.2%.
Even though the data showed a still-robust labor market, investors read it as a sign that the US economy might be poised for a “soft landing” amid rising rates. A cooldown in wage inflation, an indicator the Fed also monitors when addressing price pressures, added to the optimism.
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