Monday 18th January 2020
Markets responded at the end of the week to Joe Biden’s proposals for stimulating the US economy. As NAB’s Rodrigo Catril points out in today’s Morning Call, markets questioned the President-Elect’s ability to implement his pandemic relief spending plan while Biden also noted everyone will have to pay their fair share. Soft US data and US banks underperformance didn’t help sentiment either. A safe-haven bid lifted the USD and weighed on longer dated UST yields. Otherwise, the continuance of disturbing infection rates for COVID-19 quell optimism everywhere, with the UK stepping up it’s measures on inbound travellers. There’s also discussion about Australia’s housing market – could prices really rise by 30 percent in the next few years?