An inbetweeny day
Very little meaningful data to drive the markets. NAB’s Skye Masters says the fall in demand for 2 and 5 year Treasuries seems to have been ignored, in favour of the continued expectation for rate cuts, amplified by weaker data overnight.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 28th November 2023
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It’s an in-between day, with little ion the way of economic news, but inflation data just round the corner, in the form of Australian CPI and US PCE. There were sizeable auctions of 2 and 5 year Treasuries this morning, with softer demand, but that hasn’t driven the direction of bond markets says NAB’s Skye Masters, because yields are down. Instead it adds to the mood that the Fed will cut rates, perhaps early next year. Softer US data, such as weaker new home sales and drops in employment in the Dallas Fed manufacturing index, add to the supporting evidence. Today Australian retail sales are released, and we talk through some of the findings in the latest NAB Online Sales Index.
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