Friday 30th June 2023

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The resilience in the US economy is not giving in. Q1 GDP was revised up, showing 2 percent growth QonQ, whilst consumer spending was up 4.2% on the quarter. NAB’s Gavin Friend points out, Q1 was a while ago now, and everyone knew it was a strong quarter. Yet a fall in jobless claims added to the idea that the Fed has more work cut out to bring down inflation, hence a strong move up in bond yields. Australia too is showing resilience, reinforced by yesterday’s retail numbers. And there was no respite in German inflation, with all eyes on the Euro area CPI number out today, along with the US core-PCE. Both could add to central bank woes.

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