Will weaker US data speed-up cuts?
There was a shift in expectations for timing from the Fed on Friday, as markets absorbed weaker US activity data. NAB’s Taylor Nugent talks through what it means.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Monday 4th March 2024
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The US Manufacturing ISM was weaker than expected don Friday, with new orders, production and employment all contracting. Phil asks NAB’s Taylor Nugent whether this accounts for a fall in front end yields on Friday and whether its impacted expectations for the timing of the first Fed rate cut. In Europe the latest CPI numbers show inflation is coming down more slowly than expected, ahead of the ECB meeting this week. Could this push back the timing for cuts? It’s a quiet start to a busy week – a week that includes US non-farm payrolls and Services ISM, Australia’s GDP and a House testimony for Jerome Powell.
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