NAB Morning Call The race to stop inflation
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Nov 4, 2025 In this fascinating discussion, Ray Attrill, Senior Markets Strategist at NAB, shares insights on the evolving landscape of global central banks. He highlights the RBA's uncertainty about policy restrictiveness and the signals from the Bank of Canada regarding rate cuts. The conversation also explores the tech-driven equities sell-off, with concerns raised by major bank CEOs. Attrill emphasizes the mixed PMI data and its implications, along with views on the UK's fiscal strategies and the RBNZ's outlook for New Zealand's labor market. A must-listen for anyone interested in financial trends!
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RBA's Easing Path Now Uncertain
- The RBA now sees trim‑mean CPI above 3% through mid‑2026, raising doubt about further cuts.
- Ray Attrill notes the RBA shifted from a clear easing bias to uncertainty over whether policy is restrictive.
Fed Officials Still Ready To Fight Inflation
- Fed's Lisa Cook warned she would act forcefully if inflation risks intensify, especially from lingering tariff pass‑through.
- Ray Attrill highlights this as a hawkish counterpoint after last week's Fed rate move and December doubts.
Mega Caps Drive Rally, Risk Concentration Rises
- The Magnificent Seven and equal‑weight S&P divergence show index gains are concentrated in a few mega caps.
- Ray Attrill warns funding stresses and warnings from bank CEOs could trigger a broader equity correction.