Wednesday 12th April 2023
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There will be a lot of focus on the US CPI number tonight, with an expected fall in the headline rate. There could be quite a market response if there are signs that inflation hasn’t peaked. NAB’s Skye asters believes markets still have unrealistically high expectations of rate cuts later in the year, echoing comments that Jerome Powell gave at the last FOMC press conference. We get top read the full minutes of that meeting later today. This morning we also look into yesterday’s NAB Business Survey and Australia’s strong consumer confidence read, which was helped by the RBA’s ‘hold’ decision, again based on the assumption that inflation has peaked.
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