Daily Alert: A less than ideal mix for NZ while US yields soar
- A less than ideal mix of high inflation and low (or no) growth has emerged in NZ, with December housing data pointed to rapid cooling.
- Fears of central banks being behind the curve broadly characterised market action overnight, with yields up and global stocks down.
- The 300th Global Dairy auction overnight did not disappoint with whole milk powder prices up a sizeable 5.6% to USD4,082 per metric tonne, and we will reassess our forecasts of a record $8.75 kgMS Fonterra milk price payout for the 2021/22 season.
