NAB – The Morning Call · Fed pushes bond yields up, Russia drives oil down

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Fed pushes bond yields up, Russia drives oil down

By phildobbie — 11 months ago

Friday 19th March 2021

There was more reaction to the FOMC meeting today, with bond yields rising sharply. Oil has also risen a lot as tensions mount between the US and Russia. Biden referring to Putin as a “killer” doesn’t seem to have gone down too well, and now with the threat of sanctions from the US there are fears Russia will up oil production in response to impact the US shale oil industry. The Bank of England followed the same script as the FOMC overnight, expecting a faster recovery but, just like the Fed, they are going to let the economy run hot before they contemplate a rate rise. As NAB’s David de Garis points out, the UK would relish the idea of the economy running hot anytime soon. In Australia labour market data was a big upside surprise, with unemployment down to levels not forecast to be reached for a year. Perhaps today’s retail numbers will also be welcome news.

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Phil Dobbie @phildobbie·

What a shame the Met can't elevate the Sue Gray findings to the European courts, just to buy Boris even more time.

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Phil Dobbie @phildobbie·

Yield curves have flattened somewhat since the Fed. NAB’s Gavin Friend says although Jerome Powell was hawkish at the press conference, he was also very vague on timings beyond March. https://t.co/xGc7oAzhfk

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