A hold, an epiphany and jobs market easing
The RBA kept rates on hold, as expected. JBWere’s Sally Auld wonder why bonds rallied. Perhaps it’s the assumption that rates everywhere are now heading lower as inflation falls.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 6th December 2023
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The RBA kept rates on hold, didn’t change too much in their statement, but Australian bonds still rallied. JBWere’s Sally Auld says it was a curious reaction, but just about every market wants to avoid contemplating that rates could go higher even if that might still be the case here. Globally the mood is being driven by weaker CPI data. The OECD revealed that it has fallen to the slowest pace since October 2021 in its member countries. And ECB hawk Isabel Schnabel has completely changed direction, suggesting rates there will fall next year. In the US the Services ISM rose a little and the jobs market eased a bit, helping contain wage price concerns. In short, it was generally a good news day. Although equities are still mixed and oil continues to head south.
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