One bank rescued, one central bank on hold
NAB’s Skye Masters says the risk positive sentiment in bond markets was not offset by the demise of First Republic Bank, perhaps because the transfer to JP Morgan was an efficient solution. Meanwhile , the RBA today is expected to keep rates on hold.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 2nd May 2023
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Markets seemed unperturbed by the demise of another US commercial bank. NAB’s Skye Masters says the mood in bond markets is risk positive, perhaps because the FDIOC stepped in and negotiated a sale to JP Morgan. Markets were also influenced by the US ISM manufacturing read, which showed a rise in prices and employment. The ECB will be interested in the Euro area core inflation read today, whilst the RBA will almost certainly keep rates on hold.
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