NAB Morning Call

Wednesday 23rdd September 2026

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Oil is now trading below $100 after President Trump says talk have gone well with Iran during the UN General Assembly in New York, with more talks scheduled I’n the near future’. NAB’s Ken Crompton says news of the east-west Saudi pipeline reopening has also helped. Markets have ignored the more extreme language of ‘annihilating’ the Republic if talks don’t go well. And what of Michelle Bullock’s fireside chat? ‘Well, it’s inflation that’s on fire,’ says Ken on today’s podcast. Meanwhile, the focus today will be on the UN General Assembly and the PMIs for Europe and the US.
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Tuesday 22nd September 2026

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Oil ticked below $99 momentarily overnight. NAB’s Skye Masters says reports of more traffic through the Strait have helped, along with a comment from the US president that he wlll ‘probably’ talk with Iranian President Masoud Pezeshkian at the UN Assembly this week/ But oil doesn’t want to stay below 100. Falling oil prices have helped bring down European bond yields. In a quiet session data wise there’s been much focus on comments from Chicago Fed chair Austan Goolsbee who suggested that growth might take a hit in the fight to control inflation. Expect Michelle Bullockto deliver similar messaging today in her fireside chat at the CEDA event at the Fullerton hotel in Sydney this lunchtime.
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Monday 21st September 2026

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Even though the Bank of Japan lifted rates, as widely anticipated, the Yen lost ground on Friday. NAB’s Sally Auld says the 7-2 vote split was responsible for the caution, particularly as the two dissenters were recent government appointees. There’s also speculation of currency intervention, although Sally questions the logic of that right now. Instability in European politics has seen swift movement in bond yields. Over the weekend the Greenland deal and Ukraine’s largest attack on Moscow so far have been the major Europe-centric headlines. There’s also discussion of Friday’s senate hearing where Michelle Bullock announced they have stepped off the narrow path balancing inflation and jobs. She made it clear, inflation is the main concern right now.
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Friday 18th September 2026

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With the US midterm elections looming and the threat of Republican losses hanging over Capitol Hill, how much should investors actually care about a potential shift in congressional power? This weekend on the NAB Morning Call, Phil speaks with Michael Townsend, Managing Director of Legislative and Regulatory Affairs at Charles Schwab and host of the Washington Wise podcast, to break down the realistic market fallout of an impending balance-of-power shakeup. Michael explains why history points to Democrats likely flipping the House while the Senate hangs on a knife-edge, but cautions against overestimating the political noise: historically, Wall Street doesn't care who wins—it simply rallies once the uncertainty is over and gridlock prevents policy overreach. With stubborn inflation, Middle East supply shocks keeping gas prices high, Fed rate hikes, and corporate debt from the AI boom dominating the landscape, does the battle for Capitol Hill even matter to the bottom line, or has the market already learned to shrug off Washington's daily drama?
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Friday 18th September 2026

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Markets have shrugged off their early response to the hawkish press conference from Kevin Warsh yesterday. NAB’s Ken Crompton says the unwound started soon after the initial response, with bond yields falling and shares recovering. Both have been helped by a further reduction in oil prices, on hopes of resumed Saudi supply through their east-west pipeline. Ken and Phil also talk about the Bank of England yesterday and the assumption that the Bank of Japan will lift rates today. But what if they don’t?
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