ECB raises rates, markets worried
Even though the ECB indicated more hikes are on the way, after a 25bp raise, bond yields fell as banking uncertainty rears its head again. NAB’s David de Garis also talks about why tonight’s payroll numbers are particularly important.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 5th May 2023
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The ECB has lifted rates by 25 basis points and the expectation that there is more to come. NAB’s David de Garis said Christine Lagarde did raise concerns about credit tightening, but there was no suggestion of how that would change the rate path for the bank. Meanwhile, PacWest Bancorp looks likely to be the next US bank to disappear, with questions over how many other regional banks will follow. That uncertainty has led to a fourth day of falls in US shares. US payrolls are the main focus tonight, after data yesterday showed jobs are holding up, with wages still growing, and productivity falling. The Fed, obviously, wants to see none of those things.
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