Thursday 25th July 2024

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Bill Dudey, former NY Fed Governor, now Bloomberg pundit, has said the FOMC needs to cut rates next week and it might already be too late to avoid a recession. NAB’s Ken Crompton says this comes from a man who had advocated staying higher for longer. His opinion certainly impacted 2 year bond yields overnight But the bigger news is the large falls in US equities, led by tech stocks, with the cost of AI and the slow delivery on promises taking the blame. PMIs came in weaker than expected, not just for Germany, where the fall was particularly pronounced, but also for US manufacturing, which might help Dudley’s arguments, but US GDP (out tonight) is expected to rise.

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