Friday 19th September 2025

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It’s been a busy week for central banks, with many staying on hold. The Bank of England was one of them, but they did announce a slowdown in their QT program. NAB’s Gavin Friend joins Phil to talk through the path for the BoE, the glacial rate of cuts from the Norge Bank and expectations for the Bank of Japan today. Meanwhile markets have responded well to the Fed’s more hawkish outlook, helped a little perhaps by a sharp rise in the Philly Fed manufacturing index. They also discuss yesterday’s Australian employment numbers and the softer GDP print for New Zealand.

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