Fed’s terminal rate, heading higher?
The Fed might be heading for a higher terminal rate says NAB’s Tapas Strickland, whilst the RBA will be unlikely to pause hikes in the next few months.
NAB Morning Call · NAB - The Morning Call
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Tuesday 6th December 2022
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If you believe the ISM numbers this morning, the US services sector is growing faster than anticipated. Yet the PMI measure, supposedly monitoring exactly the same activity, showed the sector is slowing. So, who do you believe? NAB’s Tapas Strickland says markets were taking a more cautious approach before the ISM number after a WSJ article suggested the Fed might indicate a higher terminal rate at their meeting next week. A 25bps rise is expected from the RBA today even as indicators suggest private sector labour costs are rising.
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