Fed Chair Jerome Powell says he’d be cutting rates now without Trump’s tariffs, although he’s still open to a cut later this month. Australian consumer confidence rises, South Korea’s exporters diversify and Japan is still on track for a rate hike.
In the second part of a deep dive interview, ANZ Group Chief Economist Richard Yetsenga and ANZ Economist Sophia Angala discuss what’s needed to support the growth of Australia’s First Nations Economy.
5 things to know in 5 minutes:
Jerome Powell spoke overnight for the first time since Donald Trump sent him a handwritten note telling him to cut rates by a lot. Powell remained resolute though, saying he wants more information on the inflationary effects of tariffs, as ANZ Economist in London Bansi Madhavani explains.
ANZ-Roy Morgan Australian Consumer Confidence rose half a point last week to 87.2 on further strength in the ‘time to buy a major household item’ subindex. ANZ Economist Sophia Angala says confidence in financial conditions weakened, but the economic outlook rose.
Headline New Zealand business confidence rose slightly in Q2, according to NZIER’s Quarterly Survey. However, ANZ Senior Economist Miles Workman says there are signs the recent economic recovery is starting to splutter.
South Korea’s exports showed some signs of recovery in June, rising 4.3% from a year ago after a 1% fall in May. ANZ Economist Krystal Tan says exports to the US were still down 0.5%, but there were signs of diversification.
Business confidence in Japan lifted in Q2 against expectations for a fall, according to the Bank of Japan’s Tankan survey. ANZ Senior International Economist Tom Kenny explains what that means for the Bank of Japan.
Cheers,
Bernard.
PS: Catch you tomorrow with a look at how Australia’s building industry is performing.
