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(Click for frequent words.) 92 inflationary pressure 90 inflation pressures 80 inflation 78 inflationary expectations 78 Inflationary pressures 75 inflationary 72 disinflationary pressures 71 disinflation 71 deflationary pressures 70 monetary tightening 69 Inflationary pressure 68 tighten monetary 67 tighter monetary 67 tightening monetary 67 disinflationary 66 deflation 66 deflationary tendencies 66 stoking inflationary pressures 66 inflationary tendencies 65 interest rates 65 Inflationary expectations 65 downside risks 64 inflationary spiral 64 Inflation 64 inflationary impulses 62 monetary policy 61 tame inflation 60 infl ation 60 deflationary 60 asset bubbles 60 disinflationary trend 60 Deflationary pressures 60 Mr Koukoulas 59 RBA 59 borrowing costs 59 monetary easing 59 Headline inflation 59 commodity prices 59 quickening inflation 59 external imbalances 59 tightening bias 59 CPIX inflation 59 disinflationary forces 58 stoke inflation 58 incipient inflationary pressures 58 non tradeables 58 Dr Bollard 58 dampen inflationary pressures 58 monetary tightenings 58 Downside risks 58 expansionary monetary policy 58 WPI inflation 58 rate hikes 58 Mr de Garis 57 tightening cycle 57 capital inflows 57 Ms Kevans 57 Mr Redican 57 slowdown 57 BoE Sentance 57 accommodative monetary policy 57 BoE Besley 57 sharp deceleration 57 monetary aggregates 57 central bank 57 accommodative stance 57 Ms Beacher 56 tightenings 56 monetary tightening cycle 56 accommodative monetary policies 56 inflation quickened 56 RBNZ 56 contractionary 56 Prior Wandesforde 56 renminbi appreciation 56 forex inflows 56 Mr Hanlan 55 deflationary spiral 55 QE quantitative easing 55 Monetary Policy Committee 55 structural imbalances 55 stagflation 55 stoking inflation 55 Inflationary 55 Ms Deda 55 Governor Alan Bollard 55 expansionary 55 structural rigidities 54 macroeconomic imbalances 54 Allan Bollard 54 normalize monetary 54 Henrik Gullberg 54 RRR hikes 54 Crisil Principal 54 Ms Polygenis 54 inflation undershooting 54 expansionary fiscal 54 deflationary downward spiral 54 easings 54 forint weakening 54 RMB revaluation 54 Dr Ironmonger 54 Inflation Report 54 looser monetary 54 Childe Freeman 53 speculative fervor 53 Eurozone M3 53 Takeshi Minami 53 non tradables 53 inflation outturns 53 accommodative 53 deflationary cycle 53 gradual monetary tightening 53 CommSec economist Savanth Sebastian 53 Stanlib economist Kevin Lings 53 Benanke 53 Brait economist Colen Garrow 53 S.Africa c.bank 53 CPI 53 Reserve Bank 53 appreciable downside 53 stimulative monetary policy 53 Wage pressures 53 tradeables sector 53 headwinds 53 RBNZ Governor 53 Ms Ong 53 gradual ebbing 53 Eaqub 53 incipient recovery 53 Nick Tuffley 52 repo rate 52 BoE 52 core PCE inflation 52 Bollard 52 CRR hike 52 Disinflation 52 Mr Rubinsohn 52 stoke inflationary 52 central bankers 52 economist Helen Kevans 52 Yetsenga 52 expansionary monetary policies 52 protectionist pressures 52 hawkish rhetoric 52 accommodative monetary stance 52 recessionary trends 52 bearish undertone 52 decelerating 52 #bps hike 52 rabi harvest 52 stimulative monetary 52 Gavin Redknap 52 Eurozone PPI 52 speculative inflows 52 dampen inflationary 52 macroeconomic 52 mildly restrictive 52 stoke inflationary pressures 52 macro headwinds 51 Mr Barbetti 51 deflation persists 51 BOE Monetary Policy 51 pernicious downward spiral 51 protectionist sentiment 51 dovish tone 51 Heightened volatility 51 external shocks 51 expansionary stance 51 stagflationary 51 tradables 51 ECB hawkishness 51 downward pressure 51 accommodative monetary 51 wage bargainers 51 governor Alan Bollard 51 India Governor Yaga 51 asset reflation 51 interestrates 51 PMIs 51 hawkish tone 51 contractionary monetary policy 51 Dr Atchana 51 regionâ 51 FOMC 51 CIBC Shenfeld 51 Mr Dinte 51 credit extension PSCE 51 Deflationary pressure 51 undesirably low 51 accomodative 51 economist Vicky Redwood 51 BoE QE 51 stockbuilding 51 significantly tougher comparatives 51 Mrs Ridout 51 infla tion 51 deteriorate appreciably 51 macro economic 51 decelerated sharply 50 Investec economist Kgotso 50 HICP inflation 50 Tighter monetary 50 negative spillovers 50 Niesr 50 BOE Sentance 50 recessionary headwinds 50 theeconomy 50 BoE Monetary Policy 50 Daniel Brebner 50 protectionist juggernaut 50 Prakriti Sofat 50 double dip 50 MPC 50 Governor Amando Tetangco 50 Moec 50 Vishnu Varathan 50 Crisil Joshi 50 housing slump 50 Margin compression 50 Fed policymakers 50 risk aversion 50 inflations 50 shekel depreciation 50 bond yields 50 Leaviss 50 economist Su Lin 50 Yasuhiro Onakado chief 50 economicgrowth 50 GDP deflator 50 expansionary monetary 50 Economist DK Joshi 50 macro prudential measures 50 Hou Xinqiang 50 prices 50 FederalReserve 50 Wensheng Peng 50 Wattret 50 Frederic Neumann 50 quantitive easing 50 Singdollar 50 greenshoots 50 Governor Duvvuri Subbarao 50 Schoefisch 50 IIP numbers 50 BoE policymakers 50 mildly accommodative 50 refi rate 50 Protectionist pressures 50 stimulatory monetary 50 Hiroaki Muto senior 50 Solveen 49 dovish stance 49 RRR hike 49 rockbottom levels 49 normalizing monetary 49 Rupee appreciation 49 risk premia 49 adviser Ian McCafferty 49 Mr Battellino 49 deepest recession 49 seesaw pattern 49 DeQuadros 49 Heino Ruland strategist 49 Sentance 49 benchmark Selic lending 49 Deflation 49 Battellino 49 Dr Tsiaplias 49 COPOM 49 reflationary 49 Sheng Laiyun spokesman 49 Riksbank 49 BoJ 49 Core PCE inflation 49 Kuijs 49 HIGHLIGHTS BOJ Shirakawa 49 Monetary Policy 49 Appreciable downside risks 49 economist Alvin Liew 49 Rachel Lomax 49 ultra accommodative monetary 49 economy 49 governor Yaga Venugopal 49 Mr Bagrie 49 Economic Advisor Kaushik 49 targeted CPIX inflation 49 ECB Draghi 49 Jonathan Loynes economist 49 refining bottlenecks 49 Dr Edey 49 Commsec economist Savanth Sebastian 49 CRR hikes 49 oilprices 49 Governor Ian Macfarlane 49 Eslake 49 Zheng Jingping spokesman 49 GDP 49 economist Riki Polygenis 49 Eric Lascelles 49 CIBC economist Krishen 49 Satoru Ogasawara 49 Gahbauer 49 anchoring inflationary 49 Anubhuti Sahay 49 cyclical downswing 49 PSCE 49 Jonathan Loynes 49 Polleit 49 rupee appreciating 49 flat yield curve 49 recessionary pressures 49 economist Qu Hongbin 49 Frederic Neumann economist 49 Azusa Kato 49 Czech cbanker 49 TREASURIES Prices fall 49 Philippine c.bank 49 Adam Boyton 49 benchmark Selic rate 49 NIESR 49 stockbuild 48 stimulative 48 Headline CPI 48 goldilocks economy 48 Governor Yaga Venugopal Reddy 48 Guatieri 48 market economies EMEs 48 rupee appreciation 48 export sapping appreciation 48 QE3 48 METALS Copper dips 48 Li Xiaochao 48 Commonwealth Thurtell 48 Geopolitical tensions 48 c.banker 48 expansionary policies 48 Mr Rumbens 48 geopolitical tensions 48 depreciating greenback 48 Ample liquidity 48 nominal GDP 48 Mr Halmarick 48 Annabel Bishop 48 noninflationary growth 48 reverse repo rates 48 Dong Tao 48 Nerb 48 Hugo Pienaar 48 Sue Trinh currency 48 strategist Stephen Koukoulas 48 pressures 48 Governor Zeti Akhtar Aziz 48 Gokkent 48 BOE Posen 48 Yuji Kameoka senior 48 expansionary macroeconomic policy 48 Federal Reserve policymakers 48 exceptionally stimulative 48 maker Andrew Sentance 48 Federal Reserveâ 48 regionā 48 uncertainities 48 flattening yield curve 48 nonmanufacturing sector 48 OUTLOOK BoE 48 CFLP PMI 48 Egelton 48 depreciating shilling 48 contractionary monetary 48 euro zone 48 setter Tim Besley 48 deceleration 48 IMF Lipsky 48 tradeables inflation 48 IVEY PMI 48 Gilt yields 48 Rate setters 48 Koji Fukaya senior 48 Jarrod Kerr 48 QE 48 member Nicholas Garganas 48 Karvalits 48 Banxico 48 recesssion 48 Swedish Riksbank 48 erratic monsoon 48 Shuchita Mehta 48 Ivey PMI 48 dong devaluation 48 formidable headwinds 48 deputy governor Hartadi 48 Brian Redican senior 48 Carsten Fritsch currency 48 Riki Polygenis 48 slowly Koesterich 48 Eurozone periphery 48 principal economist Shamubeel 48 macroprudential measures 48 Bandholz 48 Charmaine Buskas 48 Darmalingam 48 becoming undesirably 48 Sandra Petcov 47 Repo Rate 47 MARKET IMPACT 47 dwelling approvals 47 Geoff Dicks 47 Milan Khatri 47 risk averseness 47 interst rates 47 Li Huiyong 47 Qu Hongbin 47 policymaker Andrew Sentance 47 core PCE 47 remittance inflows 47 Monetary Policy Report 47 dovishness 47 Shamubeel Eaqub economist 47 Downward pressure 47 Rob Montefusco trader 47 Core CPI 47 dovish FOMC 47 MONEY MARKETS Libor 47 NGDP 47 Jalinoos 47 Garganas 47 Governor Bollard 47 Nominal GDP 47 Fed 47 volatility 47 Guinigundo 47 QSBO 47 ECB Liebscher 47 Slowdowns overseas 47 Renminbi appreciation 47 Ken Wattret 47 LONDON MNI 47 extraordinarily accommodative monetary 47 Upward revisions 47 Robert Prior Wandesforde 47 BoE Blanchflower 47 macroeconomic fundamentals 47 minimizing speculative bubbles 47 dirham peg 47 anecdotal Beige Book 47 speculative bubble 47 Quarterly Inflation 47 Headline PCE 47 yield differentials 47 Bank Negara Malaysia BNM 47 economist Andrew Hanlan 47 macroeconomic stability 47 c.banks 47 Mr Gahbauer 47 CBI distributive trades 47 ECB Liikanen 47 Norges Bank 47 Helen Kevans 47 spillover effects 47 nonenergy 47 Governor Svein Gjedrem 47 Vicky Redwood 47 imputed rents 47 Zaki Kada 47 interbank borrowing 47 Geopolitical tension 47 Federal Reserve 47 Eurozone 47 Junko Nishioka 47 central bankā 47 shekel appreciation 47 NYMEX Crude slips 47 Nimit Khamar analyst 47 SARB 47 Howard Archer 47 benchmarket 47 stroke humorist Keillor 47 Thomson Financial IFR Markets 47 Inflation Pressures 47 BoE MPC 47 economist Nick Tuffley 47 Rainer Guntermann 47 Fed Pianalto 47 Philip Borkin 47 BOE Governor Mervyn 47 BOE MPC 47 Economist Vicky Redwood 47 imbalances 47 agflation 47 Juniman 47 INFLATION 47 Geopolitical concerns 47 Buba Weber 47 upward bias 47 SNB Roth 47 Zeti 47 damped speculation 47 currency debasement 47 economist Stephen Toplis 47 dwelling commencements 47 Manila c.bank 47 Fionnuala Earley 47 Kryuchenkov 47 Deputy Governor Hartadi 47 Plosser 47 Gieve 47 Traders mulled 47 DK Joshi principal 47 curve inversion 47 sovereign debt 47 dovish BoE 47 Alan Bollard 47 mediumterm 47 Ting Lu 46 Excess volatility 46 economists 46 Kasikov 46 deflation destabilizing 46 Ferridge 46 economist Michael Feroli 46 Bandid 46 straining pocketbooks 46 Mamoru Yamazaki chief 46 economist DK Joshi 46 Stefan Bielmeier 46 Capital Economics 46 Inflation Gauge 46 Koukoulas 46 Amit Kara 46 dehedging 46 manufacturing PMIs 46 Takeshi Minami chief 46 German IFO survey 46 ECB Garganas 46 Millan Mulraine economics 46 accomodative monetary policy 46 tightening 46 factories humming 46 BoE Gieve 46 Jean Pierre Roth 46 geopolitical uncertainty 46 Helmi Arman 46 Ian Stannard senior 46 autocatalyst demand 46 Allan Monks 46 Zhang Yansheng director 46 member Nout Wellink 46 Andrew Sentance 46 taming inflation 46 Carsten Fritsch 46 Fed Yellen 46 macro prudential 46 downward revisions 46 economist Philip Borkin 46 Core PPI 46 Hetal Mehta 46 arch dove 46 Yoshiki Shinke senior 46 Governor Durmus Yilmaz 46 Deppler 46 Gundy Cahyadi 46 Eric Darwell 46 Nominal GDP includes 46 ECB policymaker 46 Wasilewska Trenkner 46 tradeables 46 TREASURIES Bonds slip 46 FOMC Minutes 46 Arek Ohanissian economist 46 Rolf Buerkl 46 core PCE deflator 46 Dong Xian'an chief 46 Hungary cenbank 46 David Tulk 46 exogenous factors 46 economist Justin Smirk 46 BoE Posen 46 Kgotso Radira 46 yuan revaluation 46 adviser Kaushik Basu 46 Mr Attrill 46 Cebr 46 Rajeev Malik Singapore 46 Loonie tumbles 46 gradual deceleration 46 heightened geopolitical tensions 46 Mr Cavenagh 46 Yoshinori Nagano senior 46 ECB Bonello 46 economist Joseph Capurso 46 Benign inflation 46 RTTNews Eurozone 46 cyclical upswing 46 Muddle Through Economy 46 ID nTKU# 46 liquidity crunch 46 Nimit Khamar 46 multispeed recovery 46 eurozone periphery 46 ECB Constancio 46 BoC 46 Timothy Besley 46 NAB strategists 46 stagflation lite 46 weakeness 46 downward correction 46 England Monetary Policy 46 deepening recession 46 depressionary 46 macroeconomy 46 Osakovsky 46 gilt yields 46 S.Africa cbank 46 quantitative easing 46 Investec PMI 46 Downward revisions 46 AWOTE 46 countervailing pressures 46 Thai c.bank 46 Glenn Stevens 46 Sonal Varma Mumbai 46 macroeconomic indicators 46 euro regionā 46 Inflationary fears 46 economist Krishen Rangasamy 46 Ardo Hansson 46 unwelcome disinflation 46 MPC Monetary Policy 46 Reserve Requirement Ratio 46 Jammine 46 Matthew Circosta 46 economist Joseph LaVorgna 46 Mr Dastlik 46 Marisa Di Natale 46 PMEAC 46 central bankâ 46 reacceleration 46 Gokarn 46 Lacker 46 Mokrzan 46 protectionist tendencies 45 Governor Zeti Akhtar 45 Ric Battellino 45 Eliane Tanner 45 Sentix investor confidence 45 Ravelas 45 Nizam Idris 45 Ian McCafferty 45 Bennenbroek 45 FII flows 45 BoE Inflation 45 IEA Fatih Birol 45 stimulus packages 45 Karydakis 45 Samuel Tombs 45 undershooting 45 cental bank 45 HDB resale 45 RBNZ Bollard 45 FOREX Euro edges 45 necessarily portending 45 Anna Piretti 45 JGB yields 45 outturns 45 pump priming 45 Yao Jingyuan chief 45 credit crunch 45 FII outflows 45 setter Andrew Sentance 45 BoE Governor Mervyn 45 Takehiro Sato chief 45 inventory restocking 45 Miroslav Singer 45 firming 45 disorderly unwinding 45 ample liquidity 45 ECB Papademos 45 Forecast Pte 45 Baygun 45 core PCE index 45 Mboweni 45 Marco Valli 45 Ciaran Barr 45 dissaving 45 kharif output 45 CIPS NTC 45 Extremist ideologies 45 Summary Box Metals 45 investor skittishness 45 CRR repo 45 Producer Prices 45 export sapping 45 Enenajor 45 deflationary trap 45 Wickman Parak 45 Blerina Uruci 45 Brendan O'Donovan 45 theFederal Reserve 45 CPIX 45 troughed 45 oversupplying 45 BoE Mervyn King 45 city martin spinks 45 Governor Stefan Ingves 45 Daniel Briesemann 45 Governor Shirakawa 45 spokesman Sheng Laiyun 45 Tame inflation 45 Mr Capurso 45 Nikko Cordial Nishi 45 Governor Mervyn King 45 incoming barometers 45 remittance flows 45 chief economist Fionnuala 45 policymakers 45 Kathleen Camilli 45 Masuhisa Kobayashi chief 45 moderating 45 Stagflation 45 fundamentals underpinning 45 Tetsuya Miura chief 45 Nitsure 45 Fresher barometers however 45 Monetary Policy Statement 45 Dwelling approvals 45 Ms Trinh 45 Sun Mingchun 45 Robert Minikin 45 Brazil benchmark Selic 45 Trichet 45 Skryja 45 commodity supercycle 45 George Glynos 45 Sebastien Barbe 45 economist Sunil Kapadia 45 deliquencies 45 Huang Yiping 45 liquidity sloshing 45 yield curve inversion 45 Martin Weale 45 hyperinflationary environment 45 speculative excesses 45 Hungary cbank 45 Serene Lim Singapore 45 Mnyande 45 Mugur Isarescu 45 bearishness 45 Stephen Koukoulas chief 45 Alvin Liew 45 Tchilinguirian 45 photogs snaps 45 Polish cbank 45 PBOC 45 Norbert Ore chair 45 risk aversion eases 45 economist Jinny Yan 45 slowdown Governor Perng 45 Yiping Huang 45 Lorenzo Codogno 45 Simpfendorfer 45 Eric Sugandi 45 capacity utilization 45 Cameron Bagrie 45 Jens Nordvig currency 45 Lambregts 45 hiked CRR 45 Coincident Index 45 reaccelerating 45 Ms Selvanathan 45 macroprudential tools 45 Macroeconomic 45 Unsecured borrowing 45 recessionary tendencies 45 oversupply 45 BOJ 45 Kiyoshi Ishigane strategist 45 minister Hiroko Ota 45 Dr Zeti 45 Mminele 45 Euben Paracuelles 45 Inflation Expectations 45 Marian Noga 45 Fed Plosser 45 Sacha Tihanyi 45 Personal Consumption Expenditures PCE 45 Andre Perfeito 45 unemploy ment 45 Lara Rhame currency 45 THE RESERVE BANK 45 Huw McKay 45 Lee Boon Keng 45 Kagiso PMI 45 Global Insight economist 45 backorders signaled 45 LME copper stocks 45 Kathleen Bostjancic 45 currency strategist Imre 45 commissioner Ma Jiantang 45 Amikura 45 Ramya Suryanarayanan 45 Nicky Weimar 45 exogenous shocks 45 FII inflows 45 Deflationary 45 Economists 45 ALAN OSTER 45 Reserve Ratio 45 Nonmanufacturing 45 Chile cenbank 45 Dwindling stockpiles 45 German Zew 45 Stephen Koukoulas 45 NABE forecasters 45 Frances Cheung 45 Favored Financial Institutions 44 Mr Eslake 44 governor Diwa Guinigundo 44 Nonfarm productivity 44 Sichtarova 44 speculative bubbles 44 BoE policymaker 44 Fed Beige Book 44 spokesman Zheng Jingping 44 remittance inflow 44 economist Benjamin Reitzes 44 Alweendo 44 interestrate 44 Future Inflation Gauge 44 dollar Libor OIS 44 dovish 44 furth er 44 Sales excluding autos 44 Omer Esiner 44 Rainer Sartoris 44 ECB Kranjec 44 Bernard McAlinden strategist 44 dip recession 44 Eric Alexander Sugandi 44 geopolitical tension 44 ECB Mersch 44 gradualist approach 44 Heikensten 44 inventory replenishments 44 unpegging 44 Ramya Suryanarayanan economist 44 mont h 44 slowest pace 44 RMB BER BCI 44 Hiroshi Shiraishi 44 Chiara Corsa 44 Francisco Liboro president 44 policymaker Adam Posen 44 Monetary Policy Rate 44 analyst Don Gher 44 Governor Donald Kohn 44 contraction 44 Mr Smirk 44 fragilities 44 Abheek Barua chief 44 Juichi Wako senior 44 Federal Reserveā 44 Financial Stability Review 44 monetary debasement 44 David de Garis 44 Alex Beuzelin 44 Lee Seong tae 44 ZIRP zero 44 CREDIT OUTLOOK 44 TREASURIES Dip 44 Treasury yields 44 dampening effect 44 Komileva 44 Governor Burhanuddin Abdullah 44 Underwater mortgages 44 stockdraws 44 OIS curve 44 economist Lu Ting 44 economist Jonathan Loynes 44 economist Tushar Poddar 44 Hatzius 44 barometers suggest 44 strategist Annette Beacher 44 economist Cameron Bagrie 44 NZIER 44 Paul Ferley assistant 44 dissented preferring 44 Norbert Ore chairman 44 Enrico Tanuwidjaja 44 Peter Kretzmer 44 governor D. Subbarao 44 Underlying inflationary pressures 44 Sunil Kapadia 44 senior economist Manokaran 44 core PPI 44 stagflationary environment 44 Holds Interest Rates 44 EuroZone 44 volatilities 44 economist Ben Simpfendorfer 44 Kikuko Takeda currency 44 cautious spenders 44 benchmark Selic interest 44 interbank lending rates 44 Governor Subir Gokarn 44 annual HICP inflation 44 distortionary 44 Macroeconomic indicators 44 Bruce Kasman 44 Thailand Governor Tarisa 44 Danthine 44 Shinke 44 Hetal Mehta economist 44 Member Christian Noyer 44 Libors 44 Dr Bandid 44 lurch downwards 44 Jens Lauschke 44 Governor Marek Belka 44 Satoshi Okumoto general 44 Kim Jeong hwan 44 mont hs 44 Frederic Neumann co 44 contra cyclical 44 Currency strategists 44 governor Andras Simor 44 TREASURIES Bonds dip 44 BOJ Yamaguchi 44 Kocherlakota 44 Klaus Schruefer 44 Inflationary Pressures 44 Monetary Tightening 44 ISM Manufacturing 44 Baumohl 44 quantitative easing QE2 44 Chief Economist 44 Europeā 44 DATAWATCH 44 S.Korea BOK 44 Hibors 44 governor Mervyn King 44 reflation 44 IFO survey 44 BOJ Shirakawa 44 ultra expansionary monetary 44 Harry Tchilinguirian senior 44 Bernd Weidensteiner 44 Keeps Rate 44 headwinds buffeting 44 Millan Mulraine 44 Ernie Hon 44 Ataman Ozyildirim economist 44 steepening yield curve 44 FOREX Euro rallies 44 Monica Ambrosi 44 Indonesia Governor Darmin 44 Amrita Sen 44 Mr McColough 44 governor Subir Gokarn 44 Wehbey 44 association BdB 44 Krishen Rangasamy economist 44 supply disruptions 44 hawkish 44 Huttanus 44 Firmer commodity 44 ICEA Securities 44 FOREX Dollar slides 44 PMEAC Chairman 44 Selic rate 44 Leaves Rate Unchanged 44 MF Global Meir 44 BoK 44 reflating 44 econ omy 44 USeconomy 44 gilt issuance 44 Mr Vrondas 44 Julian Jessop economist 44 chief economist 44 Andrij Halushka 44 Governor Rundheersing Bheenick 44 unhedged exposures 44 Bank Governor Nivard 44 yield curve steepening 44 Matt Buckland 44 Masashi Kurabe currency 44 NBH Governor 44 Gilles Moec economist 44 oversupplies 44 #pb 44 Mr Franulovich 44 FOREX Dollar climbs 44 Shen Jianguang Hong Kong 44 ID nONS# 44 economist Elize Kruger 44 recession 44 PRECIOUS Gold ticks 44 OIS spreads