Thursday 7th September 2023

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Bond yields pushed a bit higher overnight as US Services came in a bit higher than anticipated, along with wage growth. NAB’s Gavin Friend talks through how it has been interpreted. The Beige Book is out and has soft landing written all over it, even if it is not explicitly spelt out. In the UK the BoE Governor is hinting that rate hikes are not a full gone conclusion. They didn’t happen in Canada yesterday. There’s also discussion on Australia’s GDP numbers yesterday and the trade numbers to keep across today.

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A beige soft landing, but is US service growth too strong?