NAB Morning Call

It’s taking longer, says Powell

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Wednesday 17th April 2024

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There’s been a significant shift in sentiment from central bankers at the IMF meeting in Washington. Jerome Powell, who had previously seemed happy to accept rate cuts relatively soon, is now signalling it will take loner. IMF forecasts that significantly upgraded the US growth forecast for this year might have added to the pressure to cool things a little. Meanwhile, Andrew Bailey from the Bank of England, who it was assumed was prepared to wait till after the Fed, ios now talking about inflation coming down, suggesting a cut sooner might be possible. Perhaps a sharp rise in unemployment influenced his thinking. NAB’s Rodrigo Catril joins Phil to talk through the latest data and words from the mouths of central bank speakers.

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