Peace de Résistance

Friday 26th June 2026

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Crude oil prices are marching back up after a Singaporean tanker was fired upon in the Strait of Hormuz. NAB’s Ray Attrill joins Phil to talk through the market response to that and to the sharp move up in Micron stock after the chip maker provided stellar forward guidance. Meanwhile, core U.S. PCE inflation printed exactly as expected at 0.3% monthly, nudging the annual rate up to 3.4% and cementing a restrictive Fed baseline. Closer to home, they look at the Australian employment print for May, after a noisy April print, Ray says it confirms a resilient yet gradually cooling local labour market that aligns cleanly with NAB’s expectations that the RBA will continue their current holding pattern for the rest of the year.

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