Kaplan’s hawkish wings are clipped

Monday 23rd August 2021Equities recovered in the US at the end of last week as markets responded to comments from Robert Kaplan, President of the Dallas Fed. NAB’s Ray Attrill says the FOMC member has changed his hawkish stance, now admitting the Delta variant was dampening demand and that could slow the speed of tapering by the central bank. In Asia it’s a different story, with equities hit by further evidence of increased regulation, mixed with the slowdowns associated with a zero COVID approach that is hitting supply and production. Locally, of course, rising infection numbers and extended lockdowns will continue to hurt the Aussie economy. Today PMIs for the Eurozone, the UK and Australia will give an indication of the relative rate of recovery around the world, although possibly, a little out of date given how quickly the global situation is changing.

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