Powell slightly less than very hawkish
Thursday 1st December 2022
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It\u2019s been a busy session, with NAB\u2019s Taylor Nugent claiming Jerome Powell\u2019s speech this morning was slightly less hawkish than markets were expecting. But the Fed chair still talked about there being a way to go to fight inflation and the need for sustained evidence of falling inflation before the battle is won. Signs of easing inflation in Australia should also be treated with caution, with yesterday\u2019s new monthly data susceptible to the volatility we don\u2019t see in the quarterly numbers. In Europe though markets have reacted favourably to falling inflation with the expectation that a 75 bps hike at the next ECB is now much less likely.
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