Tuesday 4th May 2021Demand is outstripping supply on both sides of the Atlantic. That fact shone through in today’s US manufacturing ISM, which, whilst still well over 509, at 60.7 it is quite a bit down on March, with a rising number of backorders and increasing material costs. It’s a similar story in Europe, where manufacturing PMIs for April have been revised down a little. NAB’s Rodrigo Catril says there is little doubt that inflation is coming, the question is, for how long and how deep? The RBA meets today, their statement will foreshadow the forecasts in Friday’s Statement on Monetary Policy.

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03 May 2021