A nervous overreaction?
US consumers seem to expect inflation to stick around longer than experts are predicting. NAB’s Ray Attrill, one of those experts, says the market reaction was a surprise. So was it a just a one day burst of nervousness?
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 15th May 2023
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There was further nervousness in the markets at the end of last week. NAB’s Ray Attrill says a chunk of it came from the University of Michigan’s survey, which saw consumers raising the level they expected inflation to be at in five years’ time. It seemed an oversized response to a modest increase, but it is a statistic that the Fed likes to keep an eye on. The response could well be overturned by events this week, which include US retail sales, Canada’s CPI, UK labour market data and Australia’s wage price index and employment numbers. A busy week ahead, but a quiet start today.
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