Are strong PMIs pushing cuts back even further?
US PMIs came in stronger than expected. NAB’s Taylor Nugent says it caught people off-guard, with markets pushing back timing for a rate cut still further.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 24th May 2024
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Stronger than expected PMIs in the US – for manufacturing and services – have pushed bond yields higher. Equities, which started the session strong on the back of the NVIDIA earnings, have also fallen sharply today as pricing for rate cuts by the Fed gets pushed back further. NAB’s Taylor Nugent says the data for the US does need to continue to soften for the Fed to deliver on cuts, and these numbers went against that trend. In Europe the latest ECB wages data also challenged expectations for moves beyond the already signalled June cut.
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