The US dollar and global bond yields have risen sharply. NAB’s Ray Attrill says a bit part of this was stronger than expected PMIs, particularly for the US. It shows demand isn’t falling, whilst oil supplies remain a concern. So much of a concern that the US is limiting diesel exports to shore-up its domestic supplies. The US is attempting to bring down longer dated yields with a $6 billion buyback today. Phil asks, if it didn’t work last time, what will be different now? Australian labour market data is out later today, but the path for the RBA already seems to be set. And President Xi sets foot in the US today; an extension to the moratorium on tariffs is the best that can be hoped for.
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