Macro Briefing Notes (unlocked)
The Macro Outlook for w/c 17 April 2023
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...
The Macro Outlook for w/c 10 April 2023
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...
The Macro Outlook for w/c 3 April 2023
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...
The Macro Outlook for w/c 27 March 2023
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...
The Macro Outlook for w/c 20 March 2023
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...
The Macro Outlook for w/c 13 March 2023
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...
The Macro Outlook for w/c 6 March 2023
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...
The Macro Outlook for w/c 27 February 2023
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...
The Macro Outlook for w/c 20 February 2023
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...
The Macro Outlook for w/c 13 February 2023
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...
