Friday: Talk of big Fed rate cuts fading

US manufacturing contracts, keeping the Fed on course to cut next month, but Fed speakers see only gradual falls. Those comments drove Treasury yields up and stocks down this morning. PMIs in Australia and Japan have picked up. In our bonus deep dive interview, ANZ Head of FX Research Mahjabeen Zaman looks ahead to key speeches today by the heads of the US and Japan central banks. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/