Rates also notable: buyback today, Swiss jobs, Mexico output

The Treasury’s liquidity support buyback ran at 1:40 p.m. Eastern and took 556 million dollars of Treasury inflation-protected securities in the 1 year to 10 year bucket, against 3,224 million dollars offered: 74 percent of the 750 million dollar maximum, an offered cover of 5.80 times, with 8 of the 28 eligible issues accepted and settlement on November 13. The operation was covered in full on this site on November 10 when it was scheduled, and the results published by the Fiscal Data service after the operation are the figures reported here.

Switzerland’s labour market softened in the third quarter. The Federal Statistical Office reported that the employed population grew 0.5 percent year on year, while the ILO unemployment rate rose to 5.6 percent, from 5.1 percent a year earlier. The EU comparison rate rose from 6.0 to 6.2 percent. A rising jobless rate alongside still-growing employment is the pattern of a labour force expanding faster than hiring, and it gives the Swiss National Bank a domestic softness reading to set against imported price pressure at its next decision.

Mexico’s industrial activity fell 1.4 percent in September from August in seasonally adjusted terms, INEGI reported, a larger drop than expected, with declines in key manufacturing sectors and lower construction activity, Dow Jones reported; output was 1.4 percent higher than a year earlier. The miss lands while Banxico holds at 6.25 percent after its surprise cut, with the governor signalling an extended hold: weak industry argues for patience on further tightening, not for haste.

In India, the Reserve Bank conducted an overnight variable rate reverse repo auction on Thursday with a notified amount of 50,000 crore rupees, reversing on November 13, a routine liquidity absorption operation under the liquidity adjustment facility. It ran the day after India’s October inflation printed at 6.09 percent, above the Bank’s tolerance ceiling, a pairing covered in full in today’s India story. In Japan, the Bank of Japan’s money stock data showed M2 growth easing to 1.7 percent year on year in October, from 1.9 percent in September, a routine statistical release with no new policy signal.