Thursday 20th April 2022

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The UK’s inflation numbers were an unwelcome surprise yesterday, with the headline rate remaining in double digits, at 10.1%. NAB’s Ray Attrill says there are now expectations for three more hikes from the Bank of England, which has seen bond yields rising sharply. Other asset classes have seen very little movement, with the Fed’s Beige book describing a US economy that is, at best, stagnant. The proposed new structure of the RBA will be a focus today – we discuss the proposal in today’s podcast – along with NZ CPI out this morning.

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New RBA structure. BOE’s double digit problem.