Bond Yields Rising, No Bazooka on the Way

For listeners of a certain vintage, the title to today’s podcast is a homage to Creedence Clearwater Revival. As Phil Dobbie discusses with NAB’s Rodrigo Catril, globally yields are on the rise again as it seems the ECB will backtrack on the ‘big bazooka’ of measures foreshadowed. Additionally, Germany is unlikely to add stimulus just yet, preferring an expansionary balanced budget, however that’s achieved. Locally, the NAB business survey continues to paint a pessimistic picture for the Australian economy whilst jobs data in the UK shows some resilience, despite Brexit, with unemployment down and wages up. And oil prices are down, perhaps because the departure of John Bolton from the White House helps ease geopolitical pressures a little.

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