Heading Up Table Mountain
Huw Pill says the BoE rate path is like Table Mountain – flat for a long time, before a quick fall away. But who has reached the summit? NAB’s Ken Crompton believes persistent inflation suggests the ECB has a lot of climbing to do yet.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 1st September 2023
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Speaking in Cape Town the Bank of England’s Huw Pill has likened their policy approach to Table Mountain, with interest rates remaining flat for some time before falling away quickly. So, does he mean they’ve reached the summit. It seems likely that the ECB is still in the cable car on the way up, with inflation remaining persistent. NAB’s Ken Crompton says markets have priced in only one more rise, which is a bit optimistic he suggests. The Aussie dollar has been helped by positive capex figures locally yesterday, together with more positive signs from China, including an improvement in PMIs. The key number today, of course, is non-farm payrolls for the US. The markets will be very responsive to any surprises.
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