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TODAY’S REPORT
September 23, 2022

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  • US treasuries cheapened overnight following the US Fed’s hawkish stance, as the market prices-in continued hiking and, in turn, higher rates for longer. The 10-year yield led the move higher, closing 18 basis points (bps) higher at 3.714%, the highest level since 2007.
  • The dollar was mixed against its Group of Ten (G10) peers after a series of central bank decisions that pushed US yields to multi-year highs and equities taking another round of beating. The Japanese Yen took center stage after the Bank of Japan’s widely telegraphed intervention to prop up the weak Yen.
  • The Bangko Sentral ng Pilipinas (BSP) raised its key interest rate by 50 bps to 4.25% amid a weakening peso and rising commodity prices, while overnight deposit and lending rates were also increased to 3.75% and 4.75%, respectively.
  • The BSP also hiked its inflation rate forecast for 2022 and 2023 to 5.6% from 5.4% and 4.1% from 4%, respectively, but reduced the 2024 forecast to 3% from 3.2%.
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By First MetroSecurities Research September 19, 2022
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By Anna Isabelle “Bea” Lejano September 16, 2022
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By Metrobank Research September 14, 2022
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By Anthony O. Alcantara September 12, 2022
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