Friday 17th April 2026
Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.
In this weekend edition of the NAB Morning Call, veteran macroeconomist Phil Suttle joins Phil Dobbie to dissect the \"unbridled enthusiasm\" of global markets as they seemingly look past a U.S. naval blockade and a precarious energy crisis to push the S&P 500 to new record highs. Suttle warns of a stark internal divergence within the U.S. economy, where a concentrated investment boom in AI and tech masks the reality of flat real disposable income for the average household. The conversation traverses the globe, examining the strategic \"payoff\" of China’s Belt and Road Initiative and the structural hurdles stifling European productivity. Central to the discussion is the \"Mike Tyson\" moment for central bankers—dealing with the reality of being \"hit in the mouth\" by supply shocks—as they weigh the necessity of \"nipping inflation in the bud\" against a world transitioning from \"just-in-time\" efficiency to a high-cost era of building buffers and resilience.
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