Code red, but focus is on the Fed

Tuesday 10th August 2021The UN chief has called the latest IPCC report on climate change “a code red for humanity”. The shorter timeframes for rising temperatures has not had any market influence. NAB’s Tapas Strickland says, instead, the focus has been split between how quickly the Fed will introduce tapering, and concerns over whether the recovery will slow, with rising cases and more lockdowns. Oil has fallen further as flight numbers fall and the anticipation of less travel for the remainder of the year increases. Today the NAB Business Survey will reflect the lockdowns in Sydney and beyond, which Tapas points out, are likely to extend beyond the assumptions in the RBA’s latest forecasts.

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