Friday 18th November 2022

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Another 32 thousand Australians had a job in October, making the labour market the tightest it’s been in decades. NAB’s Ken Crompton says this cements in the expectation that the RBA will lift rates by at least 25 basis points in December, continuing on in the first meetings of the new year. There’s less expectation of the Fed slowing down as well, thanks to James Bullard suggesting interest rates could rise as high as seven percent. That’s hit equities and pushed bond yields higher. In the UK the new Chancellor managed to issue a budget without a massive market response. Today Japan’s inflation numbers won’t be enough to convince Kuroda to move from the path of his ultra-easy policy but, as Ken, suggests, that could change when he moves on early next year.

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