Hawkish RBA, open Powell
Markets responded briefly to a Powell Q&A session, before realising he hadn’t added much to the Fed’s hawkish tilt of late. Locally, NAB’s Rodrigo Catril talks about how bonds yields rose on expectations of at least two more hikes from the RBA.
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Show Notes
Wednesday 8th February 2023
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There wasn’t too much new from Jerome Powell when he was interviewed by the Wall Street Journal’s David Rubenstein, but that didn’t stop a rally in bonds for a short spell. It was followed by a swift reversal, perhaps on the realisation that he hadn’t actually offered anything new. NAN’s Rodrigo Catril says, nonetheless, it was a refreshingly open discussion reflecting the transparency of the Fed these days. At home a more hawkish RBA has seen bond yields rise sharply, with the expectation of more than one rise still to come.
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