Equities rise and bond yields fall. NAB’s David de Garis asks, is it just a bear market bounce? NAB’s Ivan Colhoun looks at the implications of yesterday’s strong Aussie jobs numbers.

Demand for oil is reflecting the view that markets will reopen faster, says NAB’s Rodrigo Catril. Pfizer’s morning-after COVID pill will help with that, but it won’t help with inflation concerns.

It’s all about interest rates at the moment – how far will they rise? But, as NBA’s Tapas Strickland points out, China’s President Xi is warning central banks to sit tight, as his own PBoC lowers rates. It’s shaping up to be a year of divergent monetary policies.

It’s not just rates lift off expected for the FOMC early this year says NAB’s Ray Attrill on today’s Morning Call podcast, they’ll also be looking to reduce their balance sheet, attacking inflation on two fronts.

Next year should be better but no less confusing. NAB’s Rodrigo Catril explores the themes for 2022 on the last Morning Call of the year.

Oil and equites have fallen sharply on Omicron concerns. NAB’s Ray Attrill says the US is only a ocule of weeks behind UK infection rates. Europe meanwhile, struggles with rising gas prices on capped gas supplies from Russia. Not the best lead-in to Christmas.

Whilst Europe is closing up for Omicron, NAB’s Tapas Strickland says inflation remains a bigger concern in the US, with the FOMC’s Governor Waller saying a March rate hike a live issue.

The Bank of England has lifted interest rates, despite everything! NAB’s Gavin Friend says its been clear they were intent on lifted rates for months, holding out to ensure jobs didn’t fall off a cliff post-furlough.

The Fed plans to clear the decks, says NAB’s David de Garis, for a faster schedule of rate hikes. The path for the Bank of England is a little less certain. The latest from the FOMC on today’s Morning Call podcast.