Too much of a good thing
US equities bounced on the release of strong US retail sales. But NAB’s Rodrigo Catril says markets are now less concerned about a possible recession which reduces the impetus for a faster path of rate cuts.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 16th August 2024
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US retail sales numbers out yesterday showed surprisingly strong spending in July. That’s pushed equities markedly higher. But NAB’s Rodrigo Catril says bond yields are up as markets see this retail strength as a sign that the US is not heading for a recession, which reduces the impetus for a faster path of cuts by the Fed. Rodrigo also discusses the UK’s GDP read, today’s retail numbers there, and the swag of activity data from China yesterday. Plus, what to make of yesterday's Australian employment numbers.
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