Tuesday 27th July 2021Whilst US equities edged to all-time highs, the real yields on US Treasuries sank to new lows. NAB’s Rodrigo Catril talks about how expectations for tapering by the Fed could be pushed back, as the recovery slows. The take-up of vaccines in the US isn’t helping, with the seven-day average of daily jabs now at the lowest level since early January. In the UK infection rates are falling – but still very high – but hospitalisations are increasing. Whilst in the Sydney region lockdowns are likely to last longer, with almost 400k people claiming disaster payments, according to today’s AFR. So, plenty of reason for caution, and the waiting game is on for the response from the Fed later this week.

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