No slowdown yet: Euro inflation and US core PCE
Monday 3rd October 2022
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The lasting effect from the UK\u2019s mini-budget kerfuffle has not been the weakness in the pound \u2013 that\u2019s bounced back for now \u2013 but the rise in bond yields. They are, of course, rising everywhere as central banks find it increasingly hard to fight inflation. The pound might feel some pressure today, though, as S&P put the UK\u2019s credit rating on a \u201cnegative outlook\u201d. NAB\u2019s Taylor Nugent says it doesn\u2019t mean a downgrade is going to happen, but it adds to the uncertainty the UK is facing right now. Meanwhile, inflation remains strong, with the Euro area reporting 10% and the US Core PCE read on Friday also on the rise. Oil prices are likely to rise as well as OPEC+ meets this week, with a large cut in production likely. Locally, the RBA meets tomorrow. We look at what to expect.
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