Waller Dovish, Bessent Reassuring.

NAB Morning Call

Friday 17th January 2025

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Markets responded to a more dovish stance taken by the Fed’s Chrsitopher Waller, interviewed on CNBC. There was also some reassurance from the confirmation hearing into the intended Treasury Secretary Scott Bessent. NAB’s Rodrigo Catril says he said exactly what markets wanted to hear, including his commitment to the independence of the Fed. Whilst strong retail data in the US supports the case for an economy doing well, UK GDP growth has stalled and the ECB minutes highlighted that monetary policy might be too aggressive in light of slow economic growth, that could cause an undershoot inflation targeting. There’s also discussion about yesterday’s Australian employment numbers and what the resilience means for the direction of the RBA. And today we find out whether China hit their 5% growth target last year, alongside a number of economic indicators.

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