Thursday 2rd February 2022You could say its the best of times and the worst of times, with a rampant jobs recovery tempered by high inflation. Certainly, two central banks have a different perspective on the underlying economic strength. As NAB’s David de Garis discusses on today’s podcast, the Bank of England are expected to raise rates today, whilst the ECB will continue to sit on its hands with Christine Lagarde, only yesterday, continuing to argue that inflation is temporary. Meanwhile, yesterday the RBA’s Philip Lowe finally admitted that a rate rise this year was plausible. Overnight we saw staggering earnings results from Google and disappointing jobs data in the US. Omicron almost certainly contributed to both of those outcomes.
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