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Monday, 20 September 2021
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In the wake of persistent inflation, the Fed may jams down hard on the monetary brakes, leading to upward moves in bond yields. There may be a significant correction in equity markets, but what would the RBA do?
The inflation genie is still in the bottle. While wage growth remains low and the US Fed maintains current settings, we should expect the RBA's accommodatory approach to continue.
We expect portfolio managers to invest in their own funds and executives to own shares in their companies so they have 'skin in the game'. Should government leaders have more investing and business experience?
The refusal of both sides of politics not only to adopt ‘microeconomic reform’ but in some cases reverse reforms, looms as a bigger driver of unemployment than any failure to fine-tune macro or monetary policy.
Banks are awash with cash and are turning away deposits while reducing rates. Retirees who rely on their savings for income should not expect a respite until at best 2024 and are encouraged to turn to risky assets.
No option removes the existential threats to the UK stirred by its EU departure. What started in 2016 as enough voters defying the odds has left the UK dangling politically and economically amid a pandemic.
Ultra low interest rates could be counterproductive for economic growth. Policymakers need to rely less on monetary stimulus and be mindful of the side effects they are creating, especially for retirees and savers.
It looks like a magic money tree, where the central bank simply deposits money in the government's bank account. We asked one of the world's leading authorities on monetarism for an explanation.
A close inspection of Reserve Bank Board minutes, the implications of US Fed moves, the way unemployment is measured and how monetary policy is set add up to a picture of further rate cuts.
Central bank independence was an appropriate solution when inflation was a threat. In today’s low-inflation, low-growth and high-debt world, even central banks doubt their level of influence.
With US interest rates on the rise and the prospect of Australian rates heading the same way, floating rate bonds have increased in popularity as they allow investors to benefit from increasing rates.
It’s been 21 years since the RBA sold the majority of Australia’s national gold reserves. The decision cost the nation AUD5 billion. Is it time to rebuild gold reserves with the opportunity cost now much lower?
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.