Weaker US manufacturing data offsets oil inflation concerns
The RBA decision is the key event today, with NAB still forecasting a rate hike. Globally though bond yields are falling. JBWere’s Sally Auld points to weaker US manufacturing data which could ease inflation expectations a little.
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Tuesday 4th April 2023
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Oil prices are up on the back of the OPEC+ cuts announced yesterday. That pushed bond yields a little higher. JB Were’s Sally Auld days rising prices could be problematic for central banks if they keep rising, but there current level is unlikely to have much impact. In fact, yields starting falling as US manufacturing data signified a slowdown in the sector, with a fall in the employment index suggesting that maybe non-farm payrolls on Friday will show an easing in the jobs market and help ease future inflation pressures. The key event today of course, is the RBA meeting, where NAB is still forecasting a 25 bp rise. If it doesn’t happen today, it’ll happen next month is the expectation.
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