Oils low stockpiles, sticky Aussie services inflation
Thursday 28th September 2023
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It\u2019s It\u2019s the same story again today \u2013 equities hurting, the US dollar higher and bond yields reaching 16 hear highs. What\u2019s changed today is a sharp rise in oil prices. NAB\u2019s Tapas Strickland says there\u2019s a great deal of nervousness that supplies in the US have been destocked too far, down to levels last seen in 2014. Meanwhile, bond yields continue to push higher with little to dissuade investors away from the high for longer mantra. Hence, a town-hall session with Jerome Powell today will attract a lot of interest. Meanwhile, sticky services inflation in Australia yesterday added to the likelihood of an RBA hike in November.
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