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Lowe’s Last Stand, Lagarde’s Humble Pie
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Tuesday 5th September 2023
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Philip Lowe holds his final RBA meeting today. No press conference either. The expectation is that rates will be kept on hold for now. Bond yields have pushed a little higher, perhaps on the expectation that rates will push higher later in the year, which is NAB’s prediction. Europe saw some more soft data, along with words from ECB’s Christine Lagarde apologising for not always getting forecasts right and saying they needed to be more humble. Part of that humility was giving no indication of what t the ECB will do next. Trading was thin with the US on holiday for Monday, with share and bond markets closed.
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