Macro Briefing Notes

The Macro Outlook for w/c 28 November 2022

Key events for the week ahead – US Non-farm payrolls, US Fed Chair Powell, Euro Area flash CPI Nov, Central bank speeches Recap from last week The FOMC minutes reflected growing support for slowing the pace of rate hikes, with a ‘substantial majority of participants’...

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The Macro Outlook for w/c 21 November 2022

Key events for the week ahead – FOMC & ECB Minutes, Flash PMIs Nov, RBNZ policy decision, US Thanksgiving Holiday Recap from last week US Fed speeches hinted at the possibility to slow the pace of policy tightening from the Dec meeting. Markets are pricing a step...

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The Macro Outlook for w/c 14 November 2022

Key events for the week ahead – US retail sales, US Fed speeches, CPI for Oct; Japan, UK, Canada, and the Euro area, China data, G20 Recap from last week US CPI growth slowed more than expected in Oct increasing expectations that the FOMC will slow the pace of hikes...

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The Macro Outlook for w/c 7 November 2022

Key events for the week ahead – US CPI and the US midterm election Recap from last week Last week the FOMC opened the door to changing the pace of rate hikes. This allows the FOMC to consider the “cumulative tightening of monetary policy” and its effects. The decision...

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The Macro Outlook for w/c 31 October 2022

Key events for the week ahead – FOMC, BoE, & RBA policy decisions, US non-farm payrolls Recap from last week Despite high and persistent inflation, more CBs may be signaling an intention to slow the pace of policy tightening after front-loading hikes. The most...

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The Macro Outlook for w/c 24 October 2022

Key events for the week ahead – BoC, ECB, and BoJ policy decisions, Inflation (US PCE inflation Sep, prelim Euro-area CPIs Oct, Aus CPI Q3), prelim PMIs for Oct, US GDP Q3 Recap from last week While the FOMC looks set to raise rates by 75bps again next week, the focus...

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The Macro Outlook for w/c 17 October 2022

Key events for the week ahead – US earnings, housing and production data, inflation for the UK, Canada, NZ, Eurozone, and Japan, RBA minutes Recap from last week US CPI growth was higher than expected adding to the uncertainty around the path of inflation and keeping...

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The Macro Outlook for w/c 10 October 2022

Key events for the week ahead – US CPI, FOMC minutes, and US retail sales Recap from last week US labour market data for Sept was mostly in line with expectations. Payroll growth is slowing, but still high enough to indicate tight labour market conditions. The notable...

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The Macro Outlook for w/c 3 October 2022

Key events for the week ahead – US non-farm payrolls, RBA & RBNZ policy decisions, US Fed speeches Recap from last week The BoE intervened with an emergency program to buy long-dated UK government bonds to “restore orderly market conditions”. The intervention was...

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The Macro Outlook for w/c 26 September 2022

Key events for the week ahead – Central bank speeches including Fed Chair Powell, Eurozone CPI, and US PCE inflation Recap from last week Markets are continuing to digest the details of last week’s monetary policy decisions. High, and seemingly persistent, inflation...

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