Interest rate sensitives hosed as RBA boxed in by jobs

David Llewellyn-Smith

Thursday 21 March 2019

Today’s weak jobs number was enough to push the AUD to new highs for the move:

Bonds got belted back from their Fed euphoria but remain solidly up on the day at the long end:

XJO is down moderately as the RBA has boxed itself in now for delays to coming cuts:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.