Cries of ‘Pivot!’ as BoC slows hikes
David de Garis says the traders at NAB in London screamed ‘Pivot!’ as the Bank of Canada raised rates less than expected. So does this mean the Fed and other central banks will follow suit? Or is this just another single day of pivot fever?
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Show Notes
Thursday 27th October 2022
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The Bank of Canada lifted rates by 50 basis points this morning, against expectations of a 75 bp hike. David de Garis says there were cries of ‘Pivot’ amongst the traders at NAB in London, but how far will it stretch. Does it follow that the Fed will follow in Canada’s footsteps? It’s unlikely the ECB will, when they meet later today. Or the RBA when they meet next week, given the stronger than anticipated inflation numbers yesterday. And a sign that the confidence crisis in the UK is over, the new PM announced a delay to the issuance of their new budget without the pound tanking and a massive spike in Gilt yields. Besides the ECB, all eyes today will be on US GDP.
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