Overreaction to Aussie jobs numbers, none to US debt ceiling
Friday January 20th 2023
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There was a strong response to the lower-than-expected employment numbers yesterday, with 10 year bond yields falling more than 20 basis points. NAB’s Ken Crompton says this was an overreaction, because unemployment remains low and it won’t allay any of the RBA’s concerns about the tightness of the labour market, or encourage them to change their path on rate rises. No change was also the message from the ECB, reinforced by the minutes of the last meeting, and a speech at…
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