No talk, no sock puppet

No talk, no sock puppet

From NAB Morning Call by Phil Dobbie

April 21, 2026 · 16 min · Season 10 · Episode 84

About this episode

Phil Dobbie and Gavin Friend discuss the shift toward risk-off sentiment amid stalled U.S.-Iran peace talks and its market implications.

Wednesday 22nd April 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB In the April 22, 2026, edition of the NAB Morning Call, Gavin Friend joins Phil Dobbie to discuss a shift toward "risk-off" sentiment as the high-stakes peace talks between the U.S. and Iran appear to have stalled. With JD Vance spotted back in Washington rather than at the negotiating table in Islamabad, and Iran officially declining to attend today's scheduled meeting, the market is bracing for the end of the ceasefire deadline tonight. The conversation highlights a jump in oil prices, with Brent crude nearly touching $100 a barrel, alongside a rise in bond yields and the U.S. Dollar. Beyond the conflict, they break down robust U.S. retail sales for March, a surprising drop in UK unemployment to 4.9%, and Kevin Warsh’s testimony before the Senate, where he staunchly defended the Fed's independence, saying he is no sock puppet to the President. Hosted on Acast. See acast.com/privacy for more information.

People in this episode

Host: Phil Dobbie

Guest: Gavin Friend

Topics covered

  • risk-off sentiment
  • U.S.-Iran relations
  • oil prices
  • bond yields
  • retail sales
  • unemployment
  • Federal Reserve

Keywords

  • risk-off
  • U.S.
  • Iran
  • oil prices
  • bond yields
  • retail sales
  • unemployment
  • Federal Reserve
  • Kevin Warsh

Mentioned in this episode

Organizations: Fed

Books & works: NAB Markets Research Disclaimer

Places: U.S., Iran, Islamabad

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