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Thursday 20th August 2020There\u2019s no doubt about it, there was disappointment from investors after the minutes of the recent FOMC meeting were released. There was hope that there would be some indication of how the committee would be arriving at a forward guidance for Fed strategy, but nothing. As NAB\u2019s David de Garis says, Jerome Powell had suggested that their strategic review \u2013 that was interrupted by the COVID-19 outbreak - was well advanced and details would be released soon. Clearly not this soon, and equities fell back a little on the lack of new news. There\u2019s a clearer picture on the direction of the RBNZ, with an expectation that interest rates will be in negative territory next year. There\u2019s discussion of that on today\u2019s podcast, plus the China-Australia fracas and US unemployment and stimulus (or lack of).

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