NAB – The Morning Call · More inflation, RBNZ moves first

More inflation, RBNZ moves first

Thursday 15th July 2021

There’s a world of difference in the approaches being taken by central banks in response to the COVID recovery. NAB’s Gavin Friend talks through some of them, starting with the RBNZ announcing bond buying will end next week, leaving the door open for rate rises as soon as August. The Bank of Canada is also tapering its asset purchases. Yet, as inflation rises, the Fed’s Jerome Powell has been reiterating to Congress that tapering will not start anytime soon. The UK also saw inflation rise yesterday, but the BoE is not in any hurry to change direction, neither is the RBA. Who’s got the right idea? Today we will see jobs numbers for Australia and the UK, plus the weekly unemployment claims for the US, and a heap of data from China, including Q2 GDP.

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