Friday 11th November 2022
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US core inflation dropped to 6.3% in October, below expectations and down from 6.6% in September. NAB’s David de Garis joins Phil to talk through the market reaction, which has seen stocks soar, bond yields fall and the US dollar taking a big hit. Does this mean inflation has peaked? Dallas Fed’s Lorie Logan called it a ‘welcome relief’ but the message from other speakers overnight is that there’s still a lot of work to be done. In Europe the central bank seems to be upping its hawkish rhetoric, whilst the UK is still stuck with the uncertainty of a shrinking economy and a budget next week that will be more painful than restorative.
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