Tapas Strickland

Tapas Strickland

“Tapas is an Economist within Global Markets Research at the National Australia Bank (NAB). ”

Tapas is Director, Economics at NAB and provides commentary and insights for our clients on the economy and financial markets including regularly kicking off the working day with key overnight updates on NAB’s Morning Call podcast. Having recently spent the past couple of years in our London office, he continues to work with NAB’s diverse range of clients, from SMEs to institutions, both in Australia and abroad. Prior to NAB, Tapas spent six years at the Reserve Bank of Australia and also worked as an economic adviser in the Department of Prime Minister and Cabinet, advising the Gillard, Rudd and Abbott governments.


Risk sentiment recovered overnight with virus/vaccine news flow being net positive

It has been a volatile session overnight driven by differing headlines around vaccine efficacy, capped off by very significant hawkish tilt by US Fed Chair Powell in Senate Testimony.

BoE’s Bailey still guiding that rates will need to be higher ahead of the Dec MPC meet.

Dovish Fed Official (Daly) flips to looking at accelerating tapering and to hikes in 2022

Austria has re-imposed lockdown restrictions with a sharp rise in hospitalisations being driven by both the unvaccinated and older fully vaccinated people.

Fed speak was not market moving, but it is worth noting it is mostly turning slightly hawkish.

Trio of strong data with US Retail, US Industrial Production, and UK Jobs all beating

In this Weekly we look at Australia’s latest monthly deficit figures ahead of MYEFO in December, which show the deficit is set to come in much better than expected even with Sydney, Melbourne and Canberra having been in lockdown

There was a mixed market reaction to the better than expected US Payrolls print on Friday with equities up, yields down and the USD lower.

The BoE shocked markets overnight with its thunderous silence.

Global yields fall at the short end in the wake of the RBA’s dovishness yesterday.

A volatile night for rates markets with short-end rates shooting up driven by hawkish signals from yesterday’s Aussie Q3 CPI and Bank of Canada meeting, but longer-end rates tumbling after the UK budget showed a sharply lower debt profile.

The RBA is likely to lag the US, UK and NZ in rates normalisation coming out of the pandemic.

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