Monday 9th March 2026

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The global economy is facing a volatile "double whammy" as intensifying conflict in the Middle East drives oil prices toward the $100 mark whilst the US labour market shows unexpected signs of cooling. Friday's US jobs data shocked markets with a loss of 92,000 jobs against expectations of growth, pushing the unemployment rate up to 4.4%. NAB’s Ken Crompton joins Phil today to discuss how, as Israel/US and Iran engage in retaliatory strikes on critical oil and desalination infrastructure, central banks are left in a precarious position: grappling with rising inflationary pressures from energy costs while weighing the need for rate cuts to support weakening domestic economies. With US inflation data and major bond auctions on the horizon, and the 250th anniversary of Adam Smith’s The Wealth of Nations serving as a backdrop, the "invisible hand" of the market appears increasingly gripped by geopolitical uncertainty.

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