The Weekly Macro Outlook

Key events this week – US non-farm payrolls, US Fed Chair Powell testimony, central bank decisions; RBA, BoC, and BoJ Recap from last week The global S&P PMIs provided a broad reading of momentum for Feb.   The global composite output PMI recorded a further...

Key events this week – US ISM PMIs, global S&P PMIs, Eurozone prelim CPI, Aus; monthly CPI, retail sales, & GDP Q4 Recap from last week US data mostly confirmed a firming of near-term economic momentum in Jan with a view that this momentum may extend beyond...

Key events this week – FOMC & RBA Minutes, RBNZ policy meeting, US PCE inflation, Japan & Canada CPI, prelim PMIs Feb Recap from last week US consumer price inflation came in as expected, with headline inflation slowing only slightly while underlying inflation...

Key events this week – US CPI, retail sales, production, and housing data, UK CPI, RBA Governor Lowe's testimony Recap from last week The stronger US nonfarm payrolls were a catalyst for a shift in the narrative last week. Markets have been digesting the stronger US...

Key events this week – Central bank speeches including Fed Chair Powell, RBA monetary policy decision. Recap from last week As expected, the FOMC increased the FFR target by 25bps. Guidance was unchanged and the main points were clear; “ongoing increases will be...

Key events this week – Central bank policy decisions; FOMC, BoE, and ECB, US non-farm payrolls Recap from last week US inflation moderated in line with expectations. Headline US PCE inflation came in at +5% for Dec, slowing from +5.5% in Nov, led by falling energy...

Key events this week – US PCE Price Index, US GDP Q4, Aus & NZ CPI Q4, BoC policy meeting Recap from last week US data was mixed last week. Consumer spending and industrial output fell in Dec, while initial jobless claims remained low. Housing data was weak, but...

Key events for the week ahead – US retail sales, Fed speak, BoJ policy decision, CPI reports; Japan, Canada, UK, and the Eurozone, China GDP, Davos Recap from last week US CPI slowed again in Dec to +6.4% (from +7.1% in Nov). The monthly pace declined slightly. Food,...

Key events for the week ahead – US CPI, US Fed Chair Powell panel discussion Recap from last week Data continued to paint a picture of a reasonably robust US labor market despite slowing employment growth momentum. Growth in average hourly earnings slowed but...

Key events for the week ahead – US non-farm payrolls, Euro Area prelim CPI (Dec), S&P global PMIs, FOMC minutes (TBC) Recap from the last two weeks The US PCE inflation report for Nov was released before the holiday break. PCE inflation slowed more than expected...