Swallowing the cost of tariffs
US equities hit new highs as expectations rise increased likelihood of a Fed September cut after CPI data shows many tariffs have been absorbed by US businesses.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 13th August July 2025
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Markets have looked at the latest inflation data from the US, assumed companies are largely swallowing the cost of import tariffs, which removes the excuse for the Fed to hold off cutting rates in September. NAB’s Ken Crompton says markets are close to fully pricing a cut. The US dollar is weaker from the news but continued to fall as resident Trump once again criticised Jerome Powell for being too late to cut and threatened action to have him removed.
Phil and Ken also talk about yesterday’s RBA decision, and the NAB business survey which showed a slight increase in business confidence, but a fall in conditions. Wage pressures continue to blight Blighty in yesterday’s labour market data, with Australia’s (significantly lower) wage growth data out today.
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