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22 May 2024

22 May 2024

Hawkish Fedspeak Forces Modest Market Retreat

Traders are staying in their foxholes this morning after a flock of Fed officials delivered a remarkably unified message on rate cuts, warning markets not to expect easing to begin for many months yet. Speaking at the Peterson Institute in Washington yesterday, Governor Waller counselled patience, saying “In the absence of a significant weakening in the labour market, I need to see several more months of good inflation data before I would feel comfortable supporting an easing in the stance of monetary policy”. At a separate event, Cleveland’s Loretta Mester said “I need to see a few more months of...

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22 May 2024

AUD/NZD – Another round of RBNZ Shock & Orr

The RBNZ kept interest rates steady at 5.5% at today’s meeting. No surprises. But in a shock to market analysts and the NZD, the RBNZ’s tone and updated projections were more ‘hawkish’. The RBNZ is still grappling with a growth/inflation trade-off, and the latter continues to win out, for the time being at least. Despite the increasingly apparent weakness in the NZ economy (GDP has contracted in 4 of the past 5 quarters even with robust population growth) and widening cracks in the labour market (NZ’s unemployment rate has risen by ~1%pt the past year) concerns about inflation are (still)...

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