Making minor adjustments
Small moves on Friday after the Fed’s big cut. Markets were priced for it says NAB’s Taylor Nugent, with a rising expectation for another big cut before Christmas.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 23rd September 2024
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There were surprisingly small moves in bond yields on Friday, whilst investors in shares seemed to be momentarily reassessing their optimism after the 50bp cut from the Fed. Nonetheless, two more cuts are assumed this year, with a rising expectation that there will be another big cut before Christmas, assisted by comments from the Fed’s Waller who suggested that inflation is falling faster than expected. The standout move in currencies was the Japanese Yen responding to push-back on the expected timing of the next rate rise by the BoJ’s Governor Ueda. Today, global PMIs are released, giving the latest snapshot on the relative strength of Germany versus the rest of Europe versus the US.
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