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MacroBusiness Monday, March 1, 2021 - 11:53 Source

The Australian mortgage market has continued its record run, according to new data released today by the Australian Bureau of Statistics (ABS). Total mortgage commitments (excluding refinancings) rose another 10.5% in January to be up a whopping 44.3% year-on-year. This growth was driven by owner-occupiers, where mortgage commitments rose by 10.9% over the month to

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Your Democracy Monday, March 1, 2021 - 11:41 Source

swabbing

Klaus Schwab, the chairman of the World Economic Forum based in Davos, has acquired an international reputation by making the Great Reset a major working theme of his organization.

Klaus Schwab studied under Henry Kissinger at the Harvard School of Government.

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MacroBusiness Monday, March 1, 2021 - 11:40 Source

The Guardian’s Greg Jericho has posted an article claiming that the Liberal’s economic agenda is built around “lower taxes for companies and the wealthy, and lower wages for everyone else”. Jericho’s thinking goes like this: The Morrison Government has refused to lift JobSeeker to a subsistence level; It has introduced a new hotline for employers

The post Is the Coalition the party of low wage growth? appeared first on MacroBusiness.

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MacroBusiness Monday, March 1, 2021 - 11:20 Source

Some claim that Bitcoin (BTC) is a medium of exchange. Others claim that BTC is a store of value. It’s clear that nobody really knows what it is beyond an obvious ponzi scheme. However, if it is store of value, marketed as “digital gold”, then it should respond to the same price drivers as gold.

The post If Bitcoin is digital gold then it’s about to crash appeared first on MacroBusiness.

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MacroBusiness Monday, March 1, 2021 - 11:00 Source

It was a good time if not a long time. Nordea: Markets almost never cease to amaze. Just as we had written at ext pondering the doomsday spiral between commodity prices and inflation fears, the fixed income market got spooked enough so as to start triggering unwinds of various reflation trades. When the US10y yield

The post Bye bye commodity “supercycle” appeared first on MacroBusiness.

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xkcd.com Monday, March 1, 2021 - 11:00 Source

I've lived in the present for my whole life and I'm not about to move now.

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Your Democracy Monday, March 1, 2021 - 10:42 Source

kanbra brothel

Scott Morrison has a man problem. Sixteen of them, to be precise.

read more

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MacroBusiness Monday, March 1, 2021 - 10:40 Source

Via China’s NBS comes the February PMIs. These were weak but even more so when one considers that the great Chinese New Year people migration was effectively cancelled this year meaning more people remained at work. It may simply be that that distortion has not been picked up by the survey’s seasonal adjustments: In February ,

The post Chinese PMIs weaken appeared first on MacroBusiness.

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MacroBusiness Monday, March 1, 2021 - 10:20 Source

One interesting aspect of the current boom in Australian property prices is the absence of overseas buyers, especially Chinese. During the 2013 to 2015 house price cycle, Chinese buyers made up a significant proportion of demand, especially across Sydney and Melbourne. However, over the past several years, this demand has waned, as illustrated by the

The post Chinese property buyers are gone! appeared first on MacroBusiness.

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MacroBusiness Monday, March 1, 2021 - 10:00 Source

The RBA meets tomorrow amid some serious bond market and yield turbulence. This is new territory for the bank. It was only the last meeting that it “shocked” markets by extending its QE program. So, is it prepared to shock again?’ Via UBS: Higher bond yields now imply a very material RBA rate hike cycle

The post What will the RBA do about yields? appeared first on MacroBusiness.

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MacroBusiness Monday, March 1, 2021 - 09:40 Source

Iron ore prices for February 26, 2021 finished at decade highs: Indeed the entire ferrous complex is at new highs with steel and futures up again overnight and despite the global ructions in bond markets. Expect strong pricing to continue for two months. For a bit of fun, I have redone the very long terms

The post Daily iron ore price update (upgrade to $20 outlook) appeared first on MacroBusiness.

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Your Democracy Monday, March 1, 2021 - 09:39 Source
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MacroBusiness Monday, March 1, 2021 - 09:30 Source

The bond market implosion is having broader impacts, particularly on currency markets as a run to safety to the USD on Friday night saw major currencies plummet in value, taking some stock markets with them.  Treasury yields actually pulled back some in the wake of a very solid US PCE report but the Australian dollar

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Monday, March 1, 2021 - 09:20 Source

What next for bond and stock market crashes? Wall Street was mostly caught on the hop by the bond and stock crash so the wisdom of asking it at all is questionable. Let’s see what it has to say now. Goldman: This week’s move has put the velocity of the real yield selloff on par

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John Quiggin Monday, March 1, 2021 - 09:17 Source

That’s the headline for a recent article I wrote for The Conversation. I meant to post it earlier, but didn’t get to it. Now that Trump is gone, there’s near-unanimous international support for border adjustments.

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