Markets have abandoned hope of a pivot by the Fed. NAB’s Rodrigo Catril says the latest non-manufacturing ISM survey shows the US economy remains resilient, with a tight labour market. That’s not the environment to see the Fed ease off the pedal.

Markets are responding to the UK u-turn and a weak US ISM read, says NABs Tapas Strickland, plus adjustments to short positions held last week. And a look ahead to the RBA today.

The Bank of England has suspended bond sales and has started buying them. NAB’s David de Garis explains why the sudden about turn. Is the crisis over for the UK?

Bond yields continue to rise globally, with NAB’s Skye Masters saying the Fed and other central banks are working hard to convince markets that interest rates will stay higher for longer. Meanwhile the Bank of England promises a significant response to the unease of the last few days, but not till November.

NAB’s Taylor Nugent says uncertainty is driving the pound lower and yields higher. Can the markets rebalance without early intervention from the BoE?

The issue with Kwasi Kwarteng’s approach in the UK is not how much money he is spending, but how quickly it is happening. Me and Steve Keen on this week’s Debunking Economics podcast.