Mixed messages but a clear one from bond yields

Friday 10th February 2023

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The 2s10s curve inversion increased further today, now the most inverted since 1981. NAB’s Gavin Friend says the blowout jobs numbers and ISM services read were a shot across the bows last week that is still reverberating in the markets. In the UK though, Bank of England members were in front of a parliamentary committee giving mixed messages about their future direction, from inflation concerns to worries about going too far and worsening the cost of living crisis. Today the RBA publishes the Statement of Monetary policy which, Gavin says, should add some colour to this week’s decision and the potential for two further hikes.

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