Thursday 24th February 2022View our disclaimer and terms of use: nab.co/3shJyypView our NAB Financial Services Guide: nab.co/3rvJtI9The Hitchhikers Guide to the Galaxy has the words ‘Don’t Panic’ emblazoned on the front. NAB’s David de Garis is more familiar with the words of Lance Corporal Jones, who frequently offered the same advice. It seems markets have taken that advice for now, perhaps because there’s been no significant deterioration in the Ukraine crisis. Still, oil prices are up, and equities are down, but the focus has, by and large, switched back to concerns about inflation. The RBNZ only lifted rates 25 basis points, but they have raised the terminal rate and expectations for a faster track this year. Australia's slower wage inflation came in as expected, supporting the RBA’s more patient approach, whilst more ECB members are getting nervous about inflation growth in Europe. Rising prices are hitting consumer confidence there.

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