Thursday 23rd March 2023

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As envisaged, the FOMC meeting has agreed to a 25bp rate hike in the US, with Jerome Powell indicating there is more to come. But, as discussed with NAB’s Gavin Friend, the Fed chair has suggested that it’s possible that credit tightening from banks, after the recent turmoil, will do some of the work for them. Next, it’s the Bank of England. It seemed likely that there would be no move but could that change with a surprise increase in UK inflation announced yesterday.

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