Love him or hate him, Chris Joye is Australia’s best housing prognosticator in Australia and the story he is now telling is spot on: According to this newspaper’s economics editor, John Kehoe, national house price falls of more than 10 to 15 per cent “would likely make Reserve Bank of Australia governor Phil Lowe nervous”
Global Macro / Markets / Investing: Britain and the US are poor societies with some very rich people – FT World Bank warns of global recession next year amid simultaneous rate hikes – Live Mint Scientists debate how lethal COVID is. Some say it’s now less risky than flu – NPR Every Recent Oil and
Unconventional Economist ‘I thought I should start adding some photos for Sunday Sundries. Attached are two taken on our road trip today from Melbourne to Taree en route to the Gold Coast (arrive Sunday lunch time). The tunnel photo is Sydney’s North Connex and the other landscape photo is Gundagai’s hills.’ Ritualised Forms
Global Macro / Markets / Investing: Switching to renewable energy could save trillions – study – Yahoo Workers’ push to link wage rises to inflation unsettles central bankers – FT U.S. Stocks Close Lower as Investors Eye Next Fed Meeting – WSJ Oil falls on demand concerns, strong dollar – Reuters Did the Market react
AUD/USD Looks unwell to me……. EUR/USD GBP/USD USD/JPY West Texas Intermediate Brent Crude Gold Doctor Copper ASX200
The post Macro Afternoon: 16 September 2022 appeared first on MacroBusiness.
This month has been an absolute shocker for New Zealand’s housing market. Last week, QV released its house price index for August, with values nationally plunging 5.5% over the quarter. Then the REINZ House Price Index suffered its largest six month decline since records began in 1992. Now CoreLogic has released its interactive Mapping the
CoreLogic’s daily dwelling values index, which measures price changes across the five major capital cities, dived another 0.39% in the week ended 15 September – the 19th consecutive weekly decline: It was a sea of red ink, with every major Australian capital city recording falling dwelling values: So far in August, dwelling values have fallen
An excellent note from Nordea with which I agree. Rapid monetary policy tightening is set to continue as also the ECB has turned even more hawkish. Rates have more upside potential left, while the US economy should continue to outperform the Euro area, pushing EUR/USD further down. 75bp rate hikes seem to have become the new
Reserve Bank of Australia economists Neyavan Suthaharan and Joanna Bleakley have released a research paper hosing down claims that Australia nor the world could return to a 1970s-style wage-price inflationary spiral. They argue that central banks are now more focused on fighting inflation by increasing interest rates rather than reducing them, while workers have less
Below is a 10 minute interview I gave last night on Money News with Luke Grant. The interview begins at 4.50 and discusses: Yesterday’s August labour force data from the ABS and why it won’t prevent the RBA from hiking interest rates. Why the inherent lags in monetary policy means the RBA is ‘flying blind’