Friday 19th May 2023

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Markets are buoyed this morning by comments from US Republican House Speaker Kevin McCarthy that he sees a path towards a deal with the Democrats over the US debt ceiling. That’s pushed equities and bond yields higher. NAB’s Ken Crompton says it would be premature to suggest that yesterday’s weaker employment numbers would impact the path of future hikes from the RBA, just as the latest data from the US is too choppy to draw any conclusions on what it means for the Fed. But it seems the increased spending by the NZ government in yesterday’s budget could contribute to an extra rate hike by the RBNZ.

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