"Intelligent Insight"
The once famous household savings buffers are being exhausted fast according to latest research. Given the higher montage rates and inflation, more households will struggle with cash flow, even as mortgage volumes fall – refinancing apart.
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Wall Street’s main indexes closed lower on Wednesday after weak economic data and hawkish comments from Federal Reserve officials sparked worries that the central bank will keep tightening policy, perhaps enough to cause a recession. The S&P 500 fell 1.6%, the worst decline in a month, while the tech-heavy Nasdaq 100 snap a seven-day rally, after reversing gains of more than 1%. Earlier, stocks rallied as Treasury yields fell across the curve on bets weak data would prompt the Federal Reserve to downshift its tightening policy.
Before the market opened, U.S. economic data showed retail sales and producer prices declined more than expected in December. Also production at U.S. factories fell more than expected in December and output in the prior month was weaker than previously thought.
St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester stressed on the need to raise rates beyond 5% to bring inflation to heel.
Growth in US prices is expected to ease in the year ahead, contacts surveyed in the Federal Reserve’s latest Beige Book which is a based on anecdotal information collected by the Fed’s 12 regional banks through Jan. 9 and compiled by the Cleveland Fed.
“Selling prices increased at a modest or moderate pace in most districts, though many said that the pace of increases had slowed from that of recent reporting periods,” the Fed said Wednesday in the report, published two weeks before each meeting of the policy-setting Federal Open Market Committee. “On balance, contacts across districts said they expected future price growth to moderate further in the year ahead.”
The Fed commentary also highlighted the disparity between the U.S. central bank’s estimate of its terminal rate and market expectations, which were of the rate peaking at 4.88% by June. Traders are now betting on a 25-basis point rate hike in February with the Fedwatch rate probability for the next meeting in currently sitting at a 95.3% probability of a 25 basis point hike.
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This is a edited version of a live debate between Senator Gerard Rennick and Economist John Adams as we examine economic and monetary policy, debt, and the role of the RBA and other regulators. How can we improve the economic outcomes for Australia, and Australians? Who is to blame for high inflation and home prices?
Original stream: https://youtu.be/DPZNSTeAFkk with chat.
https://www.aph.gov.au/Senators_and_Members/Parliamentarian?MPID=283596
https://www.adamseconomics.com.au/
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Steve and I discuss the latest in interest rate movements, refinancing, and the impact on household budgets. We look at how households can save significantly and ensure they have the best deals on mortgages and savings rates.
We know that many are still not on the best available rates and as a result are paying more than they need to, which may benefit bank profits, but which do not help individual household cashflow.
https://www.canstar.com.au/team-members/steve-mickenbecker/
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.
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Join me for a live debate between Senator Gerard Rennick and Economist John Adams as we examine economic and monetary policy, debt, and the role of the RBA and other regulators. How can we improve the economic outcomes for Australia, and Australians? Who is to blame for high inflation and home prices?
https://www.aph.gov.au/Senators_and_Members/Parliamentarian?MPID=283596
https://www.adamseconomics.com.au/
You can ask a question live!
Go to the Walk The World Universe at https://walktheworld.com.au/
The US Treasury is fast approaching the debt ceiling, which begs the question – what then? Will Government spending be crimped, will the ceiling be raised again, or will more unconventional strategies be deployed?
http://www.martinnorth.com/
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Another outing for our Property Insider Edwin Almeida as we look at the latest numbers, trends and market movements.
https://www.ribbonproperty.com.au/
http://www.martinnorth.com/
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The true CPI experienced by many households is higher than the official figures, which by the way have been continually revised lower over time as the weighting methodology has changed.
So today we look at upcoming changes in the US CPI methodology, which is likely to put downward pressure on the CPI read, despite households on average now significantly worse off. A Numberwang if ever I saw one!
http://www.martinnorth.com/
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Another look at recent price cuts on the property portals. this time in and around the Gold Coast, thanks to Cookie for the research. No surprise that some of the fastest falls across the country are in southeast QLD.
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More from Dale Webster of The Regional on the important issue of bank branch closures. She calls out the political inaction so far, including from our Treasurer and Finance Minister, who wins “porky of the year!”
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