Fed Cuts, RBA in May, or Maybe Not

Thursday 30th October 2025

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The FOMC cut rates, but the Fed was very divided, with one dissenter wanting a 50bpcut, the other wanting to keep rates on hold. NAB’s Sally Auld gives her take on the mood of Powell’s press conference, that pushed bond yields and the dollar higher.

At home yields and the Aussie dollar pushed higher after a surprise upside for the latest CPI read. NAB is still not expecting a ratee cut before May, and that may not happen if unemployment rises too quickly.

The BoJ and ECB meet today, and shortly earnings for Microsoft, Alphabet and Meta on the day that NVIDIA became a $5 trillion company!

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