The Weekly Macro Outlook

Key events this week – US PCE inflation, FOMC minutes, Prelim PMIs May, RBNZ policy decision Recap from last week In his speech last week, US Fed Chair Powell gave the strongest indication yet of a potential pause in the US rate hiking cycle. He noted that the stance...

Key events this week – US Retail Sales, US Fed Chair Powell, Central Bank speeches, RBA Minutes, global CPIs for Apr; Canada, Japan, Euro Area Recap from last week There was a small deceleration in annual US inflation for Apr. Inflation remains high with headline CPI...

Key events this week – Central bank decisions; FOMC, ECB, and the RBA, US non-farm payrolls, Eurozone CPI, global PMI’s Apr Recap from last week Data continued to highlight slower US growth momentum while core inflation remained persistent. US real GDP growth slowed...

Key events this week – US PCE inflation & ECI Q1, Aus CPI, US & Euro Area flash GDP Q1, BoJ Meeting Recap from last week Data painted a mixed picture of US growth momentum at the end of Q1 going into Q2. The US Fed Beige Book survey contained anecdotes of...

Key events this week – Global inflation (UK, NZ, Japan, Canada, Euro area final CPI), RBA & ECB minutes, prelim PMIs, US housing Recap from last week The FOMC minutes reflected the decision to increase rates by 25bps despite heightened uncertainty stemming from...

Key events this week – US CPI & retail sales, FOMC minutes, BoC meeting, Aus labor market survey, US bank earnings Recap from last week While momentum in US labor market growth continues to slow, conditions remain tight. US non-farm payrolls increased by +236k in...

Key events this week – US non-farm payrolls, RBA & RBNZ decisions, global S&P PMIs, and US ISM PMIs Recap from last week Attention shifted back to price stability last week. US PCE headline inflation eased slightly more than expected as food and gasoline...

Key events this week – Inflation; US, Europe, and Australia, US Fed speak, China PMIs Recap from last week The recent turmoil in the banking sector did not stop central banks from raising rates again last week. The FOMC increased the FFR by another 25bps last week to...

Key events this week – FOMC, BoE, and SNB monetary policy decisions, RBA minutes, prelim global PMIs for March Recap from last week Markets remained on tenterhooks last week, processing the fallout from bank failures. Global central bankers worked to contain contagion...

Key events this week – US CPI and retail sales, ECB decision, China data, and Aus labor market A turbulent week of shifting US monetary policy signaling was capped off by the seemingly rapid collapse of two US banks. Over the weekend, the US Federal Reserve, US...