Monday 11th August 2024

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Remember when Pauk Keating talked about the recession we had to have? Markets thought the US was heading the same way last week, but went off the idea as the week progressed. Thoughts of an emergency rate cut were quickly dismissed, but NAB’s Tapas Strickland says there’s still more than 25bp of cuts priced in for September. A 50bp cut could still happen before the end of the year. US inflation data is out this week but, unless there’s an outsize surprise, markets are unlikely to respond too much. The focus is on jobs now, although the Fed’s Michelle Bowman outlined several inflation risk factors on Friday that are worth watching for. 

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