NAB Morning Call Powell talks down rate hikes
Mar 30, 2026
Ken Crompton, NAB markets economist who analyses bonds and inflation, joins to unpack market moves. They talk rising oil and a global bond rally. They discuss a shift from inflation fears to slowdown worries and why Powell’s comments eased rate-hike concerns. Conversation also covers energy-driven inflation, yen intervention risk, China export threats and a surprising bright spot in EV demand.
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Yields Fall As Oil Rises And Markets Diverge
- Global bond yields fell broadly while oil pushed higher and equities were mixed across regions.
- NAB noted 10-year Australian yields near 5.07% and the US dollar at 100.5 on the DXY amid market repricing.
Bond Markets Reprice Toward Growth Risks
- Bond markets are shifting from inflation-first to growth-concern pricing after the oil shock.
- Ken Crompton says Powell's comments that the oil shock is temporary pulled 10-year Treasury yields down through 4.4% and eased rate-hike fears.
Powell Downplays Preemptive Rate Hikes
- Jerome Powell signalled an oil shock is temporary and said no need to respond preemptively with rate hikes.
- Ken Crompton says Powell's soothing view materially extended bond rallies, especially in the 2- and 10-year US curve.