A rare dull day
Monday 21st November 2022
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Friday was unusually quiet, with no big data releases and not much movement in markets. As NAB\u2019s Tapas Strickland observes, the most significant move was the reversal in short-end yields, taking the 2-10 yield spread to minus 70bps, the highest negative spread in over forty years. Normally this would be a clear signal of an impending recession, he says, but we\u2019ve been seeing these signs for most of the year and yet the economy remains surprisingly resilient. The last week has also seen significant falls in oil prices \u2013 we look at why. And look ahead to the RBNZ this week. But it\u2019s likely to be a quiet week, with the US celebrating Thanksgiving on Thursday.
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