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SocGen's Overnight Economic News Summary

BY MT Newswires | ECONOMIC | 05/13/26 05:53 AM EDT

05:53 AM EDT, 05/13/2026 (MT Newswires) -- Societe Generale in its early Wednesday economic news summary pointed out:

-- 10-year United States Treasury consolidates after its highest close of 4.463% since July 2025, following an upside surprise for April core consumer price index on Tuesday. OIS pricing 65% probability of Federal Reserve rate hike by March 2027 (+16bps). 10-year UST refunding auction decent, tail 0.4bp, non-dealers take 88.0%. India lifts customs duty rates on gold and silver to 15% from 6% to curb bullion purchases, stem the rupee's (INR) slide.

-- Federal Reserve's Goolsbee (non-voter): If you look at the components that aren't energy, like services, if that is an indication that the underlying economy is overheating, then the Fed has got to be thinking about how we break the chain of escalating inflation.

-- United Kingdom: Health Secretary Wes Streeting to meet Prime Minister Starmer on Wednesday before King's Speech in parliament, threshold met of 81 Labour members of parliament to trigger leadership contest. Four ministers resigned on Tuesday.

-- Day ahead: U.S. producer price index. Federal Reserve speakers Collins, Kashkari. European Central Bank's Lagarde, Muller, Lane. Eurozone Q1 gross domestic product second read. Bank of England's Mann.

-- Nikkei +0.7%, euro (EUR) 10-year IRS unchanged at 3.12%, Brent crude -1.1% at US$106.6/barrel, Gold +0.8% at US$4,708/oz.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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