Goldilocks rides again
Softer retail numbers, falling margins and lower producer prices are all further reasons for the Fed not to move again. NAB’s Taylor Nugent on the Morning Call today.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursdsay 16th November 2023
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Goldilocks continues to deliver what America wants, with softer producer prices and only a slight move down in retail sales. Equity markets continue to enjoy the party, although bond yields are back on the rise. Hardly surprising given the scale of the moves this week, says NAB’s Tayor Nugent. A fall in oil should also not be over-interpreted, given the recent moves. Has the Goldilocks effect also moved to the UK. Okay, the economy isn’t as strong, but CPI has come down faster than expected, adding to the belief that the BoE has probably done all it need to do. The same isn’t being said about the RBA. Will they be influenced by today’s employment numbers?
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