Powell says labour market is no longer an inflationary pressure
Jerome Powell didn’t give away anything to the US Senate on the timing of rate cuts, weighing up the pros and cons of going too early or leaving it to late. NAB’s Skye Masters says it was bad news for those hoping for a July cut.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 10th July 2024
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Jerome Powell has been speaking to the US congress and says the labour market is no longer an inflationary pressure. So, what does that mean for the timing of rate cuts? NAB’s Skye Masters says there hasn’t been too much change in expectations, with a September cut seen as most likely. With a light calendar today, a lot of the focus will be on the US ten year note auction early tomorrow morning and whether weaker demand could push yields higher. The RBNZ meets today with any expecting a fairly dovish hold. The hold is extremely likely, but dovish? Let’s see.
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