Month: March 2022

Biden dips into reserves, Putin demands Roubles from today

Markets are responding to what appears to be longer term strategic commitment to tackling the energy crisis, says NAB’s Ken Crompton, as Joe Biden announces a daily draw down of oil reserves for the next six months.

Peace hopes fade, European inflation soars

Oil bounces back up as peace hopes fade. And shocking inflation numbers from Germany and Spain. NAB’s David de Garis points out, prices have gone up more in a month than they have over a year in Australia. It presents a special challenge for the ECB.

Is it possible to avoid another fuel crisis?

The fuel crisis is not just about Russia, says Steve Keen ,and we are going to have to get used to it.

Europe boosted by peace hopes

Markets have responded favourably to talks over Ukraine but, as NAB’s Ray Attrill says, even if peace broke out sanctions are likely to remain for some time, so energy prices would remain an issue. Meanwhile US front end yields continue to rise as Fed speakers talk up rates. And Ivan Colhoun talks through yesterday’s Federal budget.

The divided story of rate expectations

Lots more volatility in bond markets, with front end yields rising higher in the US, but falling sharply in the UK. NAB’s Rodrigo Catril explains why the two economies are suddenly heading in opposite directions.

Ditching bonds like they are going out of fashion

US banks are guilty of one-upmanship, says NAB’s Tapas Strickland. It’s a race to see who can predict the fastest level of rate hikes? Isn’t it all going too far too quickly?

American markets doing well because they are not Europe

Markets are very confusing right now. For example, why are US equities rising alongside bond yields? NAB’s David de Garis says the argument is you have to put your money somewhere. What could possibly be wrong with that approach?

Getting ready to Ruble

Bond yields have pulled back a little today. NAB’s Gavinb Friend says the market is split between thowse supportive of the Fed and those worried that they might go too far. Meanwhile, Putin wants to be paid in Rubles for his gas.

Markets support the Fed’s balancing act

The Fed will be happy with where yields in response to its aggressive tightening, says NAB’s Tapas Strickland. But will it work? Equity markets clearly think so.

Powell talking faster than fast

The moves on bond yields has been very marked, says NAB’s Ray Attrill, with rising expectations that the Fed’s next rate move might be a 50 basis point one. It’s a massive paradigm shift, he says.

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