Both the FED and the RBA expected to hold this week, but the FED’s guidance could cause volatility
With most of Asia and Europe on holiday today we expect a relatively quiet start to the week. US GDP disappointed on Friday evening only climbing 0.7% versus expectations of a 1.2% gain; this week the market will be looking to the FOMC announcement on Thursday morning to gauge whether recent weak economic data will moderate the Fed’s tightening path. The market is already trading at an discount to the Fed’s official guidance of a further 50bps of tightening this year. Locally the RBA is expected to leave interest rates on hold at 1.50% and publish statement consistent with continued monetary policy stagnation.
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