Friday 31st July 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB As NAB’s Rodrigo Catril discusses with Phil this morning, there is still a lot of market confusion following Kevn Warsh’s press conference yesterday. Are markets worried that inflation could rise and the Fed does little to stop it? Meanwhile US GDP came in softer than expected, but the reverse was the case in Europe. Whilst in Japan the Yen rose, ahead of the BoJ meeting today. Presumably through some engineered currency intervention. And a record jump in Microsoft shares, because they beat on earnings and came below on capex spending, not many tech companies are doing that right now. Hosted on Acast. See acast.com/privacy for more information.

A world of confusion

NAB Morning Call

So the markets are still responding to yesterday's Fed meeting, AI back in fashion and a massive win to Microsoft overnight. Oil still falling despite no hope of any Middle East resolution, the Bank of England on hold and the BoE today just after what looks like currency intervention pushes the yen higher. It's Friday, it's the 31st of July 2026, it's the morning call from NAB. Good morning.

Big rises in US equities in this session and elsewhere. In fact, the Nasdaq is up 2.6%, 1.5% for the S&P and 1.5% for the Euro stocks. 50, maybe that's going to help the ASX 200 this morning which fell 0.8% yesterday. The US dollar is down by 1%, the Aussie up more than 1% and getting back over 70 US cents. The Japanese yen up 2.7% this morning. The euro up 0.5%, the pound up 3 quarters of 1%.

We've got small moves in bond yields except a 5 basis point drop in 10 year gilts in the UK and rises in the long end for the United States as well which we'll talk about this morning. Aussie 10 years rose 8 basis points yesterday to 4.99% and oil is falling 1.5% off Brent back into the 80s, just a bit over 89 right now. And here's NAB's Rodrigo Catrille on the call this morning and 24 hours on from the Fed.

How has the market responded? I mean, Kevin Walsh seemed to think the markets can do all the heavy lifting on keeping inflation down. And look, we've got 30 year bond yields jumped to 5.2%. They're up 26 basis points in the month. And the US dollar is down quite a bit today. So the markets are certainly responding.

A world of confusion

Read the full transcript

The candid version is on a podcast,
not the earnings call.

A world of confusion

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.