NAB – The Morning Call · Is reflation back? Commodities push even higher
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Is reflation back? Commodities push even higher

Tuesday 28th September 2021

It seems markets are still trading on the hawkishness of central banks, particularly the Fed, where we’re seeing bond yields significantly higher and tech stocks weakening. Commodity prices are also pushing higher globally, with Brent Crude now close to $80 a barrel. NAB’s Gavin Friend in London says these extra costs, plus supply constraints make it highly unlikely that the Bank of England will lift interest rates next year, no matter what Governor Andrew Bailey suggests.

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