Wednesday 14th JUne 2023

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The CPI numbers from the US yesterday showed core inflation is roughly in-line with expectations, raising hopes that the FOMC will pause rates at their meeting on Thursday. Shares are higher in anticipation. It’s a different story in the UK tough, where a tight labour market continues to cause problems. Yesterday’s employment data saw unemployment fall, whilst wages increased further. NAB’s Taylor Nugent says two-year yields in the UK shot above the level reached during the brief Liz Truss premiership, when the BoE had to step in to protect pension funds. Somewhere in between, sits Australia, where yesterday’s NAB Business Survey with clear signs of a slowing economy. But, of course, that’s good for controlling inflation. 

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13 Jun 2023