Powell’s negative tone talks down markets. RBNZ talks negative rates.

Thursday 14th May 2020

The Fed’s Governor Jerome Powell took a very sombre tone about the response to the COVI-19 crisis, highlighting the need for more fiscal stimulus, whilst denouncing the likelihood of negative interest rates. As NAB’s Gavin Friend says, the markets didn’t entirely concur, whilst in New Zealand there was a swift response when the RBNZ didn’t denounce the prospect of rates going below zero. Today the focus is on job numbers, for Australia and the US.

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