Monday 29th August 2022View our disclaimer and terms of use: nab.co/3shJyypView our NAB Financial Services Guide: nab.co/3rvJtI9We knew Jerome Powell would be giving a hawkish speech at Jackson Hole, so why were equity investors so surprised when he did just that? Clearly, they didn’t get the memo, says NAB’s Ray Attrill, referring to a huge sell off in US shares on Friday, mirrored by a big fall in the Aussie dollar. So how will the Aussie shape up now, if we see Europe and the US heading into recession, That’s more likely in Europe, where gas prices continue to rise and deliveries from Russia stop totally middle of the week, with a question mark on when – and if – they will start again. Meanwhile, Britain’s energy prices continue to rise to unprecedented levels. Where does it all end. And happy birthday to us; the Morning Call is six years old today.

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