About this episode
The episode discusses the impact of global market tensions on the U.S. economy and inflation ahead of a key Fed meeting.
Thursday 4th June 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB An exchange of fire in the Gulf aw a resurgence of risk-off sentiment in global markets, driving Brent crude back toward $98 a barrel and weakening the Australian dollar. The unfolding crisis highlights Warsh’s Dilemma ahead of his first Fed meeting: while much of the world downshifts, the U.S. economy remains strikingly insulated. As NAB’s Gavin Friend explains, the May U.S. ISM Non-Manufacturing survey surged nine points which, alongside strong ADP employment figures and an elevated prices-paid component signals inflation prospects that the Fed can’t ignore. Closer to how GDP growth slowed yesterday, in part because of the trade deficit, but also sluggish household consumption. How that plays out in terms of future rate decisions will no doubt be discussed in Michelle Bullock’s appearance before a senate hearing today. Hosted on Acast. See acast.com/privacy for more information.
People in this episode
Host: Phil Dobbie
Topics covered
- global markets
- U.S. economy
- inflation
- rate decisions
- trade deficit
- household consumption
Keywords
- Brent crude
- Australian dollar
- inflation prospects
- GDP growth
- trade deficit
- household consumption
Mentioned in this episode
Organizations: NAB, Fed
More episodes of NAB Morning Call
- Weekend Edition: Japan's High Flying Trapeze Act · June 12, 2026 · 26 min
- A mega TACO moment · June 11, 2026 · 15 min
- Paying the price of war · June 10, 2026 · 13 min
- Helicopter oil money, and hike-free RBA? · June 9, 2026 · 17 min
- Fed more certain, Gulf more unsettled · June 8, 2026 · 16 min
- Weekend Edition: Electrifying Australia · June 5, 2026 · 32 min
Explore listener stats, chart rankings, contacts and more on the NAB Morning Call podcast page.