One more pivot before Thanksgiving

Wednesday 23rd November 2022

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America will be sitting down to a Turkey dinner tomorrow, but before that markets seem to be determined to spread hope of a pivot from the Fed – or at the very least a slowdown in rates. That’s helped equities overnight and whilst treasury yields are falling. NAB’s Skye Masters says it’s unlikely the Fed will be happy to see this sort of price action, it isn’t the message they are trying to send to markets. Less attention sems to be given to rising COVID numbers in China, which are now close to their all-time high in April and are resulting n more lockdowns in major industrial areas. And the RBA’s Philip Lowe warned about the danger of rising wages yesterday, whilst also suggesting interest rates may not return to the lows we saw before the pandemic.

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