Thursday 22nd May 2025

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There was another weak bond auction in the US overnight, pushing yields ever higher. NAB’s Tapas Strickland says there is a risk premium being applied to US bonds, from concerns over tariffs and, perhaps more significantly, rising government debt. The Big Beautiful Bill could add significantly to the government’s debt at a time when the balance of trade is deteriorating. Phil asks, should we be worried? Also today, a bigger than expected increase in UK CPI, but how much of it is down to one-off impacts? Today, the New Zealand Budget and US and European PMIs give a suggestion of which economies are taking the biggest hit from Trump’s tariffs.

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