Equities rise, bond yields falling. Bessent calls for bigger rate cut.

Thursday 14th August July 2025

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Equities are rising, and not just in the US. In fact, the MSCI World Equities Index hit a record high overnight. But  bonds are the story today, says NAB’ s Gavin Friend, with 10year Treasury yields down 5 basis points. Markets have got a cut from the Fed fully priced in for September, but Scott Bessent said in an interview he’d like to see a 50bp cut at the next meeting. His boss, meanwhile, spoke out for 300bp of cuts or more.

Phil and Gavin also talk about yesterday’s Australian wages data and look ahead to today’s employment data. Plus, UK’s GDP, expected to be very slow with the potential to tip into negative territory for Q2.

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