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Friday 23rd September 2022

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Bond yields continued to rise in the US one day on rom the FOMC meeting. NAB\u2019s Ken Crompton says normally you\u2019d expect to see a bit of a rebound, so this is a sign that the market has accepted that the Fed are determined to keep going, evidenced by the elevated dot plots yesterday. Meanwhile the Bank of England lifted rates 50bp \u2013 it probably would have been higher if the UK government hadn\u2019t stepped in with a cap on energy prices, although their mini budget today will include tax cuts that could go against the bank\u2019s objectives. The Bank of Japan didn\u2019t move at all and a very dovish speech by Gov Kuroda sent the Yen spiralling lower, forcing the Ministry of Finance to intervene. Lots of PMIs today to provide evidence of which economies are softening and which, like the US perhaps, are holding up.

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