Monday 10th October 2022

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There was a strong market reaction to non-farm payrolls on Friday, which suggested the US labour market remains tight, with the unemployment rate falling. NAB’s Tapas Strickland says it was another of those ‘good news is bad news’ moments, likely to keep the Fed on its hawkish path for some time yet. That could be reinforced if CPI data this week remains strong. The question is, how will any central bank know when it has overshot its target? There could be some caution today as the world waits for Putin’s response to the Crime bridge explosion.

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Tight labour, hawkish banks, angry Putin