Wednesday 4th May 2023

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The FOMC has met, lifted rates and there are suggestions of a pause. NAB’s Gavin Friend says its all down the removal of one the line from the policy statement: “some additional policy increases might be appropriate”. With that gone there was an immediate assumption that the Fed will stop lifting rates, but Jerome Powell seemed a lot less dovish in the press conference that followed. Listen in for a rundown of the decision and the takeouts from what followed. Next, it’s the ECB, which is also expected to lift rates by 25 basis points. But how much of the path is now determined by bank credit tightening, rather than traditional economic data like inflation and jobs?

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