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Fast podcast: What the latest inflation numbers mean for investors
October 31, 2024
While there’s little chance of a rate cut before February, Pendal’s head of government bond strategies TIM HEXT sees some value in bonds today. He explains in our latest fast podcast
You can also listen to this podcast on Apple or Spotify
An excerpt from this interview with Pendal’s head of government bond strategies Tim Hext:
This week’s Aussie inflation data was a mixed bag. While the headline number dropped into the RBA’s target range at 2.8%, the trimmed measure remained above target at 3.5%.
It will take a few more quarters until the more important trimmed measure heads down towards 3%, says Pendal’s head of government bonds Tim Hext in a new fast podcast.
“The news which will make the RBA less than enthusiastic about cutting rates in the very near term is that services inflation remains quite elevated at around 4.5%,”Tim says.
“Services make up around two thirds of the CPI basket, and that’s where things like tight labour markets, housing shortages, all those domestic issues are keeping inflation more elevated than the RBA would like.”
Tim doesn’t expect a rates move before the RBA’s February meeting. “There won’t be enough information by December. The market is 50-50 on whether they’ll cut rates in February.”
For bond investors Tim sees value in some areas after the recent sell-off.
In the podcast, Tim also covers the impact of next week’s US election and war in the Middle East.
Listen to the full podcast above
Find out about
Pendal’s Income and Fixed Interest funds
About Tim Hext and Pendal’s Income & Fixed Interest boutique
Tim Hext is a Pendal portfolio manager and head of government bond strategies in our Income and Fixed Interest team.
Tim has extensive experience in banking, financial markets and funding including senior positions with NSW Treasury Corporation (TCorp), Westpac Treasury, Commonwealth Bank of Australia, Deutsche Bank, Bain & Co and Swiss Bank Corporation.
Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia.
The team won Lonsec’s Active Fixed Income Fund of the Year award in 2021 and Zenith’s Australian Fixed Interest award in 2020.
Find out more about Pendal’s fixed interest strategies here
About Pendal
Pendal is a global investment management business focused on delivering superior investment returns for our clients through active management.
In 2023, Pendal became part of Perpetual Limited (ASX:PPT), bringing together two of Australia’s most respected active asset management brands to create a global leader in multi-boutique asset management with autonomous, world-class investment capabilities and a growing leadership position in ESG.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at October 31, 2024. PFSL is the responsible entity and issuer of units in the Pendal Monthly Income Plus Fund (ARSN: 137 707 996) and Pendal Dynamic Income Fund (ARSN: 622 750 734) (Funds).
A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.
This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs.
This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.
Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation.
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