Doves wings clipped

NAB Morning Call · Aug 25, 2025 · 15m

Tuesday 26th August July 2025

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The initial excitement over a seemingly dovish Jerome Powell on Friday has subsided at the start of the week. Bond yields are rising, and equities are falling. NAB’s Rodrigo Catril says Powel was really quite hawkish in his tone, with a weak jobs report or higher inflation (or both) likely to dampen expectations around the number of cuts this year. Meanwhile, Elon Musk is suing Apple and OpenAI, the Trump administration is threatening sanctions on Europe over their…