OPEC happy to spoil the party

Monday 3rd April 2023

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Inflation is showing signs of slowing in the US, with a lower than expected Core PCE deflator read on Friday. NAB’s Tapas Strickland says this was the primary reason for a fall in bond yields on Friday. But models pointing to lower headline inflation driven by lower energy costs will be in need of a revision today, as OPEC+ announce a daily 1.2 million barrel cut in oil production from next month. The announcement was unexpected. It’ll add pressure to European economies, where core inflation rose slightly last month. On todays podcast we look ahead to the RBA and RBNZ this week, and the consequences of the Aston by-election result over the weekend.

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