Powell knocks mega-rise prospects on the head
b'Thursday 5th May 2022The FOMC announced a 50 basis point rate rise for the US. As NAB\\u2019s Skye Masters notes in today\\u2019s podcast, the market response was fairly muted until Jerome Powell gave his press conference shortly afterwards. One comment, that they were not contemplating a 75-basis point rise, sent bond yields diving lower and equities shooting higher. Skye says markets had priced well ahead for a hawkish Fed, now they are taking some of that pricing back. But uncertainty hasn\\u2019t fallen away, with or inflation signs in New Zealand\\u2019s employment data, in Australian retail numbers and with another day of rising oil prices. We can expect a less hawkish Bank of England later, but it\\u2019s still likely they will raise rates even with the cost-of-living crisis being faced in the UK.
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