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.


Inflation fears are clearly lifting, with the latest driven by the rise in energy prices.

With markets having aggressively pushed Fed pricing into 2022, it is likely there is some thought that such a tightening will weigh on demand earlier.

The rise in energy prices is fuelling concerns that the transitory lift in inflation seen in the wake of the pandemic may prove to be longer lasting.

High vaccination rates should give consumers confidence to resume economic activity as restrictions ease.

Equities made an unconvincing “buy the dip” bounce as yields consolidated their recent moves.

Fed talk overnight tilted hawkish with the Fed’s Bullard advocating for two hikes in 2022 and also flagging the case for balance sheet unwind after tapering ends.

BoE meeting more hawkish than expected, seen opening door to hikes by year’s end.

US equities fail to bounce after Monday, with the S&P500 down -0.1 ahead of the FOMC.

In this weekly we look at the recent reviews done at the Fed and the RBNZ to glean what a review into the RBA may recommend.

Caution is in the air ahead of the FOMC this week where market moves on Friday tiled towards a mildly hawkish outcome.

The lift in equities appears to be a case of ‘buy the dip’ with an absence of any positive news flow apart from the very second-tier Empire Fed Manufacturing Survey which surprised sharply to the upside.

At the Fed’s annual Jackson Hole conference, markets understandably reacted to US Fed Chair Powell’s speech which effectively significantly divorced tapering from rate hikes.

It has been a slow start to the week with little in the way of market moves outside of commodities. Markets overall appear to be in a holding pattern ahead of US CPI figures tonight and the FOMC next week . The S&P500 swung between small gains and losses to finish up 0.2% after five consecutive days of losses, helped along by energy stocks.

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