US President Trump has imposed tariffs on imported steel and aluminium. This protectionist policy may harm the US economy as trade sanctions could unsettle the benefits of tax reform.
US jobs rose by 313k (fc+192k) in Feb and average earnings fell from 2.8% to 2.6%pa. The market still anticipates three US interest rate hikes in 2018.
Australia’s GDP was weaker than expected (down from 2.9% Q3 vs 2.4% Q4). Given Australia’s benign inflation outlook, weak consumer spending, low wages growth and softening housing data, the market is not expecting an RBA interest rate rise until May 2019.
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