RBA less hawkish, Powell more so. Big market response.
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Wednesday 8th March 2023
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Big market moves overnight thanks to a slightly less hawkish RBA yesterday and a more hawkish sounding Jerome Powell in front of a US senate committee. NAB\\u2019s Rodrigo Catril says the RBA is still committed to further tightening but raised the potential for a pause in hikes, after yesterday\\u2019s 25bp lift. The usual caveat \\u2013 that it\\u2019s all data dependent \\u2013 still applies. It\\u2019s the same for the US of course, with payrolls on Friday and CPI next week two very influential data prints to look out for. Meanwhile Jerome Powell started his appearance overnight by saying \\u201cthe latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.\\u201d
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