US CPI surprise. The last mile just got longer
Another inflation surprise for the US was bad news for those still clinging to the hope of a June rate cut. NAB’s Skye Masters talks through the considerable market response.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 11th April 2024
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US inflation is not coming down quickly. There’s been a lot of evidence for that lately and the latest CPI numbers can be added to the list. The response from markets have been quite pronounced, with a significant rise in yields, a sharp climb in the US dollar and a fall in equities. NAB’s Sky Masters says the moves reflect markets who have been holding out for a June rate cut – now reality has hit. The Bank of Canada and RBNZ both kept rates on hold, with a similar message that they need more time before considering cuts. It seems the ECB might be the first to cut – we’ll get some fresh insights at their meeting later today.
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