It’s easier to predict today’s Melbourne Cup winner than ha ve a clear idea of what the RBA will announce today, says NAB’s Ray Attrill on the latest Moring Call podcast.
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The RBA will announce an end to YCC tomorrow says NAB’s Rodrigo Catril. It had become dysfunctional against the global market pressures driving front end yields lower. But there will be a lot more news in the week to come, with the Fed and the BoE also meeting.
A sea of green for US equities, but again the volatility has been in bonds. The RBA failed to buy up three year Aussie bonds. NAB’s David de Garis says he doesn’t think this is a sign that they have given up on yield control. And the ECB still think inflation will pass.
Former US Treasury Secretary Larry Summers warns that the US is losing control of inflation. The debate is still unresolved says NAB’s Rodrigo Catril, but expectations could become a self-fulfilling prophecy.
Oil hit the highest since 2014. NAB’s Tapas Strickland says OPECs reluctance to up production is a big part of it. Also today, as banks continue to talk about tightening, will Joe bIden finally get some extra fiscal stimulus over the line?
On Friday Jerome Powell says its time to taper, but not raise rates. The labour market needs time to heal, he said. Meanwhile, NAB’s Ray Attrill says positive PMIs at the end of the week show whilst we have inflation, there’s no sign of stagnation.
With America still off for Thanksgiving, NAB’s Gavi Friend talks turkey on central bank thinking. How much is inflation really pushing for faster tightening – for the Fed, the Riksbank, the ECB and the BoE? https://t.co/Qs75KOcyYo
The US is spending more and income is up, with inflation rising, whilst Europe is still held back by COVID concerns. It’s the perfect storm, says NAB’s Tapas Strickland, pushing the US dollar to its highest level in sixteen months. https://t.co/93jt83lsnU