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Softer data, slower Fed and more Russian oil
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Thursday 24th November 2022
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There’s a higher risk appetite again this morning, driven by the release of the FOMC minutes which NAB’s Gavin Friend says more or less confirmed that the Fed will lift rates by 50 bps at the December meeting. Before that, the response was to mixed data, with PMIs weaker than anticipated but strong US durable goods orders. There’s also an expectation that Russian supplies of oil might be higher than anticipated as the G7 and EU seem set to set the cap around $65-70, well above the cost of production. That might be good for inflation but a disaster in tackling Russia’s war effort, which has seen a barrage of cruise missile on Kiev overnight.
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