Market interest rates are sharply lower this morning and stocks are rallying after the Fed pivoted to projecting interest rate cuts next year.
In part two of our bonus deep-dive interview, ANZ’s Head of Asia Research Khoon Goh explains how Vietnam is benefiting from friendshoring.
5 things to know
The Fed projected 75bps of rate cuts in 2024, unleashing furious rallies in stocks and bonds globally. The US 10-year yield fell 14 bps to 3.90%. ANZ’s Head of G3 Economics Brian Martin thinks the market may be getting ahead of the Fed.
The European Central Bank held its policy rate as expected overnight, but appeared very relaxed about gathering deflationary forces.
Strong Australian jobs growth in November supports the view the RBA will stay on hold for long time, says ANZ Senior Economist Catherine Birch.
New Zealand GDP fell 0.3% unexpectedly in Q3, raising the hurdle for another rate hike, says ANZ NZ Chief Economist Sharon Zollner.
ANZ Economist Debalika Sarkar says the Bangko Sentral ng Pilipinas’s hawkish hold overnight was expected. She says its hiking cycle has now ended.
Cheers
Bernard
PS: Look out for our 100th episode special on Monday.
