Blogotariat

The always entertaining Albert Edwards of SocGen:  For all the Fed’s newfound bravado and bluster, we know by now that any attempt to ‘normalise’ interest rates will end in elephantine pivots, pirouettes and ignominy.  It’s certainly been a lively start to the year for investors as they take another look at the Fed’s tardy

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The ABS has released dwelling construction data for the September quarter, with dwelling commencements posting a significant fall. According to the ABS, the number of dwelling commencements dived by a seasonally-adjusted 16.3% over the September quarter but were up 30.8% over the year. Detached house commencements fell by 16.5% over the quarter to be up

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It’s kind of funny to watch, in the usual dark way. Having smashed house price gains into the earth last year by breaking RBA yield curve control, the Aussie bond market is now moving on swiftly to crash the property market entirely. As US bond yields rage higher on the prospect of a hawkish Fed,

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Note from our good friends at Nordea: In response to rampaging US inflation, we now expect the Fed to hike rates four times this year followed by another four in 2023. We see more upside for long yields and expect EUR/USD to bottom by the end of the year. The Fed is turning more hawkish

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Chalk up another epic fail for our useless PM: The Pharmacy Guild of Australia has plans to launch its own website to help people find stores stocked with rapid antigen tests after witnessing “market failure” and the competition watchdog’s crackdown on price gouging. …The Australian Competition and Consumer Commission (ACCC) has received more than 1,800

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NSW recorded another 32,297 new COVID cases and 32 deaths: Victoria recorded 20,769 new COVID cases and 18 deaths: The next chart plots daily COVID cases since the beginning of the Delta waves in winter last year: Active cases have moved past their peak in NSW and are approaching their peak in Victoria: However, hospitalisations

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Stock markets in the US and in Europe fell overnight with bond markets seeing a surge in yields as central bank interest rate rises certainties swamp risk taking. The US Treasury 10 year yield rose to 1.86%, a new two year high with shorter term yields also spiking. This sent the USD higher against almost

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fashion 

About 10,000 muons reach every square meter of the earth's surface a minute; these charged particles form as by-products of cosmic rays colliding with molecules in the upper atmosphere. Traveling at relativistic speeds, muons can penetrate tens of meters into rocks and other matter before attenuating as a result of absorption or deflection by other atoms.[10]

The Australian’s Robert Gottliebsen has written an interesting article, based on research by former ANZ Bank director John Dahlsen, explaining how Australia’s housing obsession has diverted resources from the real economy and is stifling the nation’s productivity: In the decade before the 1987-89 crash banks poured vast sums into business credit but they were enticed

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Global Macro / Markets / Investing: Trickle down economics: Up to 3/4 of the $800 billion PPP flowed to business owners instead of workers, study finds – Market Watch The wealth of the 10 richest men in the world has doubled during the pandemic and the income of 99% of humanity has decreased – Madgy67

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While there was no change to the Bank of Japan’s interest rates at today’s meetings, the USD has surged across the board as US Treasury yields climb sharply on the return of US traders to their desks as the long weekend finishes. This has seen Asian stock markets put in mixed sessions despite lower domestic

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