Is that it for the RBA? US missing October.

Friday14th November 2025

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Sally suggested as much yesterday. Now the recovery in the unemployment rate in Australia yesterday has confirmed it. NAB is not expecting any further easing by the RBA in this cycle. Ken Crompton talks through the numbers that led to this decision – actually, the employment data probably had the least to do with NAB’s call.

Meanwhile, in the US, the Fed is still divided, although speakers are sounding increasing hawkish. Perhaps it’s the lack of data that’s getting to them. It remains uncertain what will be available and when, but CPI and the unemployment rate for October are already identified as casualties.

Ken and Phil also talk through data from New Zealand and the UK and prepare for a data dump from China. 

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