A welcome relief
A better-than-expected drop in core CPI in the US. NAB’s David de Garis talks through the market reaction and we ask, is it an overreaction or is this the day the tide turned?
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Show Notes
Friday 11th November 2022
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US core inflation dropped to 6.3% in October, below expectations and down from 6.6% in September. NAB’s David de Garis joins Phil to talk through the market reaction, which has seen stocks soar, bond yields fall and the US dollar taking a big hit. Does this mean inflation has peaked? Dallas Fed’s Lorie Logan called it a ‘welcome relief’ but the message from other speakers overnight is that there’s still a lot of work to be done. In Europe the central bank seems to be upping its hawkish rhetoric, whilst the UK is still stuck with the uncertainty of a shrinking economy and a budget next week that will be more painful than restorative.
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