Wednesday 31st August 2022

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The US jobs market grew last month, whilst consumer sentiment improved. It’s not what the Fed wants to hear. Do these positive numbers mean that the US can survive a soft-landing? No, says JBWere’s Sally Auld, it just piles the pressure on the Fed to be more aggressive on rate rises. The consumer sentiment probably reflects little more than a fall in petrol prices. We know Europe is set for a hard landing, even though gas prices have fallen and Germany’s reserves are up to 80 percent. But German inflation was higher than expected overnight, which suggests the European numbers will also be higher tomorrow, putting pressure on the ECB to move faster.