Friday 19th August 2022

Bond markets have been fairly lacklustre today. NAB’s Ken Crompton says there is still uncertainty over the less-hawkish FOMC minutes this week, which is why central bank speakers are out in force pushing the party-line for higher rates faster. There’s still a difference between the markets and the Fed on how quickly those rates will come down. Meanwhile, there’s still plenty of resilience in the US economy, with jobs not really coming down. As we saw yesterday, it’s the same story in Australia. The Euro saw a sharp fall today, as gas prices shot up to a record high. Canadian and UK retail numbers are out later – will they be a other sign of resilience in the face of adversity?