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' (33) Landline:
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' (33)
' 1. Fundamental analysis
', U.S. oil hit a new low in one month. The yield on U.S. Treasury bonds fell to the lowest level in more than a month. Yellen emphasized in her speech on Tuesday that her thoughts and the March meeting There is almost no difference afterward. Yellen recently mentioned sub-crude oil, sub-global, sub-dollar, sub-financial, sub-labor, sub-downside, and never mentioned upside.
'B paragraphs describe the downside risk of the economy, paragraphs describe the upside risk of the economy, paragraphs describe the downside risk of inflation, paragraphs describe the upward risk of inflation, 3 sentences discuss how to exit easing, and 1 sentence discusses how to expand easing. . Yellen has never sounded more dovish than this.
' However, Yellen has also mentioned several times that raising interest rates will have a positive impact on the bond market and may bring some room for flexible development to the U.S. economy, employment, and inflation. Regardless, Yellen is a terrible drinking partner because her glass is always half full. Looking ahead, economic data from the public service sector may tell the market why the Fed will be slower to raise interest rates.
' The U.S. added 0.0 million non-farm payroll jobs in March, which is the best performance of the labor market in the past two years
' The U.S. added 0.0 million non-farm payroll jobs in March, slightly better than expected, but Unemployment has climbed.
' Data released by the U.S. Department of Labor on March 1 showed that the U.S. added 0.0 million non-farm jobs in March, which was slightly better than expected. The rate rose to ., the first increase since January, higher than expected and the previous value.
'Bloomberg said that the U.S. labor market is experiencing its best two years since 2009.
'Bond king Gross (r) said that the U.S. non-farm payrolls report was good and wage growth was better than expected. Hopefully, Yellen will not translate this employment report into U.S. economic growth.
'The U.S. Department of Labor stated that this non-agricultural data was due to increases in retail, trade, construction, and health care employment but decreases in manufacturing and mining employment.
'Despite economic turmoil overseas, there are signs that the domestic labor market remains resilient. The private sector employment in the United States increased by 0.0 million in March, an increase of 00,000 was expected. The previous value was slightly revised from an increase of 30,000 to an increase of 30,000. The number of manufacturing employment decreased by 0.000, which was the largest decline since March, and an increase of 0.000 was expected. The previous value was revised down from a decrease of 0.000 to a decrease of 0.000.
'B. The Eurozone experienced deflation for the second consecutive month
'Although the year-on-year decline in the Eurozone in March was smaller than that of the previous month, it is still in a deflationary situation. This is the first monthly inflation performance since the European Central Bank launched its latest unexpected easing policy. Analysts expect inflation in the euro zone to remain hovering in the coming months, with little improvement in sight.
'Eurostat data showed that the euro area continued to shrink in March. The preliminary value of the Eurozone in March fell .. year-on-year, in line with expectations, and the month-on-year decline was .. The core initial value increased .
' According to reports, Europe's chief economist said that the euro zone inflation data shows that the inflation situation in the euro zone is still not optimistic. While core inflation, excluding food and energy, rose from 2019 to 2018, this may be due to the stimulation of leisure consumption during Easter, and this upward trend may reverse in March.
'Looking ahead, Eurozone inflation is expected to linger around the corner in the coming months. Inflation should pick up in the second half of the year, when the drag on inflation from slumping oil prices has dissipated.
'R, senior euro zone economist at BNP Paribas, said that core inflation in the euro zone increased in March, but this was not the beginning of an increase in inflation. It is expected that core inflation in the euro area will hover below 20% for the foreseeable period. This may put more pressure on the European Central Bank to introduce more easing policies. r It is expected that the European Central Bank may extend the time.
'The March inflation data in the Eurozone is the first monthly inflation performance since the European Central Bank launched its latest unexpected easing policy. The European Central Bank launched a series of easing policies at its March meeting. This includes lowering the euro zone's leading interest rate by 1 basis point to zero, lowering overnight lending rates and overnight deposit rates, and further expanding the asset purchase plan. The ECB also decided to implement a four-year targeted long-term refinancing operation, with the first round scheduled to be implemented in March.
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