Latest from the markets continue to show weakness, and the latest came from the IMF which will down forecast growth – and recession is a rising risk. We are ships in choppy waters… We are in a world of more fragility.
And more from Fed member saying rates must continue to rise.
Markets still need to digest this downside news.
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I discuss the latest rate moves with Steve from Canstar.
Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.
Adams burned the midnight oil last weekend finalising the report. On Monday, Adams sent the embargoed copy of the report to 20 mainstream media organisations with the original source documents and an excel spreadsheet with all of the calculations utilised in the ADAMS REPORT.
Adams wanted to give the mainstream media 3 full days in which they could read the Adams report and verify the data, the calculations, the analysis and the claims. In much of what IOTP does relative to the mainstream media, we do the heavy lifting and back-up of analysis with original scholarship and insight.
In the past 24 hours, Adams has sent his report and official letters to over 30 Federal Parliamentarians including all the members of the Parliamentary Joint Committee on Corporations and Financial Services as well as Senate Economics References Committee.
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In today’s market update we look at the ongoing volatility hitting the markets at the moment – as part of the October Effect. Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer. And the Russian directed Opec + confirmed a formal reduction in Oil production to try to keep prices high.
And A fifth consecutive 50-basis-point rate hike from the Reserve Bank of New Zealand (RBNZ) on Wednesday reminded investors that inflation remains the main focus of central banks. The New Zealand dollar was last up 0.14% at $0.5744, having jumped as much as 1.3% earlier in the session. The Aussie dollar was last up 0.12% near flat at $0.6494.
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing alongside you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
What you hear in the media is not the full picture. Big announcements will be made at The World Economic Renegade Summit 9th October across real estate , share market, Bitcoin and gold.
You’ll discover the real numbers behind the real estate market, and leading experts Harry Dent and Robert Kiyosaki will share their latest predictions.
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The Markets are starting to believe Central Banks are going to blink – as we saw yesterday when the RBA lift the cash rate by a less than expected 0.25% – though as I said one smaller rate rise does not a pivot make.
The S&P 500 index posted its biggest single-day rally in two years on Tuesday after softer U.S. economic data and Australia’s smaller-than-expected interest rate hike stirred hope for less aggressive tightening by the Federal Reserve.
The RBA is the first major central bank to recognize that now is the time to slow down after aggressively raising rates this year, said Anthony Saglimbene, chief market strategist at Ameriprise Financial. “There’s hope that the Federal Reserve at some point in the fourth quarter will say the same thing. Not stop raising interest rates, but just slow the pace,” he said. “That’s what the market’s kind of rallying on below the surface.”
Still, Fed Governor Philip Jefferson said inflation is the most serious problem facing the U.S. central bank and it “may take some time” to address. San Francisco Fed President Mary Daly said the central bank needs to deliver more rate hikes.
Overnight, the US Labor Department in its Job Openings and Labor Turnover Survey, or JOLTS showed vacancies remained above 10 million for the 14th straight month. Layoffs also stayed low, signs of a still-tight labor market, which likely keep the Federal Reserve on its aggressive monetary policy tightening path.
“Even as higher interest rates and inflation, and weaker business and consumer confidence are beginning to tamp down labor market activity, the labor market still remains healthy,” said Sophia Koropeckyj, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “We expect that the Fed is not yet ready to pause.”
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
The Reserve Bank of NZ lifted the cash rate another 0.5% to tackle inflation – and is taking a different tack to the RBA, where home prices are falling faster. Expect high rates and more falls ahead, in both countries.
Go to the Walk The World Universe at https://walktheworld.com.au/
