Thursday 23rd February 2023

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There’s not a lot that’s new on the FOMC minutes out this morning, according to NAB’s David de Garis. Several members had talked of higher rate rises, but there wasn’t much too much for investors to change the expected path of hikes this year. But it might be a different story for the RBA with Australian wage inflation lower than expected yesterday. Meanwhile, wages are rising in Japan, higher than the rate of inflation adding extra pressure on the BoJ. And the UK government might increase the rate of public sector pay to try and break the strike deadlock the country is facing. It’s been a wage where wages have been front and centre. 

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