Outgoing RBA governor Philip Lowe will give his final public speech before handing over to Michele Bullock next week, while Wall Street fell after economic data prompted concerns interest rates will stay higher for longer. Follow live.
Wed 6 Sep 2023 at 9:41pm— and the ABC's markets and business blog.overnight after stronger than expected economic data stokedThe data in question was from the services sector, with the Institute for Supply Management seeing its non-manufacturing Purchasing Managers' Index lifting to 54.5 last month — a six-month high, and slightly higher than the 52.2 expected
Coupled with prices paid by service-sector businesses for inputs increasing, that has investors nervous thatkeep rates on hold when it meets this month , but their bets on a pause in November fell below 47% — a tumble from the previous bet of 57%, according to CME Group's FedWatch Tool. This concern has also delayed expectations for interest rate cuts happening sooner rather than later., said the data showed a strong economy and inflation not coming down "as fast as the Fed would need to startThat's also followed comments made earlier in the day by the, who remarked the US central bank needed to "proceed carefully" with its next steps in monetary policy.
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