Wednesday 25th September 2024

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There is still some uncertainty about the future direction of US policy, with the Fed’s Michelle Bowman still concerned about a potential return of inflation, whilst most other Fed members are worried about a downturn in employment having a broader impact on the economy. NAB’s Skye Masters says the diversity of opinion is being driven by mixed data, the sharp slowdown in the Conference Board’s Consumer Confidence Report being the latest example. But there is a slight risk-on mood today, driven by hopes that China will offer a comprehensive package to kick start their economy. Meanwhile, the RBA kept rates on hold as expected, and weakness in European PMIs yesterday has heightened expectations for two more cuts by the ECB this year.

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