Gavin Friend

speaker

7,937 appearances 60 recordings 1 series first heard Sep 2024 last heard 2 Sep

Gavin Friend’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 29 in all, peaking in Oct 2025 with 5.

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NAB Morning Call · Unexpected hawks and doves · 2 Sep 2026 podcast

Obviously, we know that. matched

And that was why there was a bit of a, or maybe they might have to start easing at some point if this goes on. matched

Of course, as we've talked about before, it's a small part of the trade with the US that falls outside of the US MCA. matched

But with measures of core inflation remaining close to 2%, the Bank of Canada noted that there's been little evidence of higher energy prices spreading. matched

But in his press conference, Governor Tiff Macklem said that the longer... matched

The situation in the Middle East persists. matched

The greater the chance that inflation feeds through elsewhere in the country. matched

I mean, that's typical with all central banks, but for them to say that, it certainly caught the market and it pushed up pricing of hikes by the end of the year at £23. matched

And matched

further. matched

That's right. matched

So 25 to 275 is expected. matched

But the projected OCR track was a little changed, and no clear intent to take policy into restricted territory, which is what our colleagues at BNZ think. matched

So the bank maintained a tightening bias and to be clear, it said the statement noted that the committee remains vigilant and will respond as necessary to achieve its inflation target. matched

But matched

BNZ colleagues note, this looked like a deliberate attempt to maintain an unchanged policy outlook with a track consistent with a pause in October, another 25 hikes say in December, and then perhaps a final hike next year. matched

And obviously that was not what the market was expecting. matched

And, you know, we've seen that reflected in both rate pricing and the Kiwi. matched

I don't think it solicited much market reaction, though, to be honest, Phil. matched

I think matched

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