No talk, no sock puppet

Wednesday 22nd April 2026

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In the April 22, 2026, edition of the NAB Morning Call, Gavin Friend joins Phil Dobbie to discuss a shift toward "risk-off" sentiment as the high-stakes peace talks between the U.S. and Iran appear to have stalled. With JD Vance spotted back in Washington rather than at the negotiating table in Islamabad, and Iran officially declining to attend today's scheduled meeting, the market is bracing for the end of the ceasefire deadline tonight. The conversation highlights a jump in oil prices, with Brent crude nearly touching $100 a barrel, alongside a rise in bond yields and the U.S. Dollar. Beyond the conflict, they break down robust U.S. retail sales for March, a surprising drop in UK unemployment to 4.9%, and Kevin Warsh’s testimony before the Senate, where he staunchly defended the Fed's independence, saying he is no sock puppet to the President.

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