Something is giving, and it’s the pace of the US economy
The Fed’s Chris Waller has changed his tune on interest rate hikes. When a hawk changes direction its time to pay attention says NAB’s Tapas Strickland.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 29th November 2023
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Bond yields pushed lower as markets continue to expect rate cuts by the Fed next year. Tapas Strickland says NAB’s own modelling based on recent data supports significant cuts next year. The Fed’s Chris Waller, who had previously flagged concern about the pace of growth saying “something’s gotta give”. Now he’s saying it’s the pace of the economy that is giving and the Fed is in a good place to return inflation to 2%, eventually. Comments like that have helped push bond yields lower. Today the focus is on the first bits of CPI data from Europe, and Australia’s monthly CPI read.
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