NAB Morning Call
An Ocean Apart
Thursday 9th March 2023
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There’s a lot of water between where Jerome Powell sees the Fed heading and how Philip Lowe is seeing things from the RBA’s viewpoint. NAB’s Tapas Strickland says there’s been no market retreat from yesterday’s positions, when we saw the US dollar rise, Aussie dollar fall and a divergence in yields, with US treasuries rising and Aussie yields falling. Speeches from Philip Lowe and Jerome Powell have done little to change the mood. Meanwhile the Bank of Canada is on hold, with further rises possible. And US data overnight did nothing to dispel the idea that the labour market there remains tight, suggesting the Fed will stick with the plan to do more, with a rising expectation for a 50bp hike at the next FOMC meeting.
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- 08 Mar 2023