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Interest rates

Today

“It is broadly accepted – certainly among independent, objective observers of the Australian economy – that wages aren’t the problem when it comes to the issues that we are confronting,” the Treasurer says.

Budget, economic outlook ‘confronting’: Chalmers

Treasurer Jim Chalmers says world economy ‘a difficult, if not dangerous, place’; PM, NSW, Victoria agree COVID-19 quarantine should not be shortened yet. How the day unfolded.

  • Updated
  • Georgie Moore

Yesterday

Joseph E. Stiglitz, the Nobel laureate economist, at Columbia University in New York.

How a Nobel laureate ruffled a few feathers in Australia

Joseph Stiglitz has never been afraid of expressing heterodox views about economics that leave mainstream thinkers perplexed – his trip here is no different.

  • Ronald Mizen

This Month

CBA tips two more double “business as usual” interest rate rises in August and Septemner.

Brace for two more back-to-back 0.5pc rate rises: CBA

The country’s largest lender is tipping the Reserve Bank will push the official interest rate to 2.6 per cent by year’s end.

  • Ronald Mizen

Sydney house prices on track for 20pc fall

The Reserve Bank of Australia’s likely 0.5 percentage point interest rate rise in August will completely knock out the Aussie housing market.

  • Christopher Joye
Will Philip Lowe come to regret chasing the unemployment rate down to such low levels?

RBA’s jobs prize comes with super-sized headache

The RBA saw historically low unemployment as a significant achievement. But the jobless rate will put pressure on Philip Lowe to join the rush for super-sized rate rises.

  • James Thomson
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US President Joe Biden last month blamed fuel price inflation on Russia’s invasion of Ukraine.

Inflation nightmare worsens as jobs keep booming

The central banks of the Philippines and Singapore raised rates as the inversion of the US yield curve keeps signalling recession.

  • Vesna Poljak
US Federal Reserve chairman Jerome Powell has little choice but to deliver another big rate hike later this month.

What the US inflation shock means for investors

More aggressive Fed rate increases are coming, lifting the chances of a US recession. Investors should be cautious about believing the worst is priced into stocks. 

  • James Thomson
A 7.5 per cent surge in energy prices accounted for nearly half of the increase in the CPI in June.

US CPI: Reactions as prices rise at an ever faster pace

US consumer prices surged again in June, opening the door to another 0.75 percentage point rate lift - perhaps even a full point this month.

  • Timothy Moore
Governor Tiff Macklem.

Bank of Canada lifts key rate by full point to 2.5pc

The unexpected monetary jolt illustrates the extent to which officials are spooked by soaring inflation; it was the largest increase since 1998.

  • Erik Hertzberg
RBNZ governor Adrian Orr raised interest rates to 2.5pc.

RBNZ leads the way, lifting rates to 2.5pc

New Zealand’s central bank delivered its third consecutive half a percentage point rate rise, and signalled it will continue to tighten policy “at pace”.

  • Updated
  • Alex Gluyas
The BoK said the pace and size of rate increases will depend on inflation, growth, financial imbalances and overseas policy moves.

Bank of Korea joins jumbo hikers as inflation fight heats up

The BoK’s move is the biggest since rates became South Korea’s primary monetary tool in the late 1990s.

  • Sam Kim
Shopping in Auckland. The risk is that the rapid rise in borrowing costs could stall the economy.

New Zealand raises rates, signals more tightening

The Reserve Bank of New Zealand is ahead of most other central banks in lifting borrowing costs to tame inflation.

  • Matthew Brockett
Klarna CEO Sebastian Siemiatkowski and Canva co-founder Melanie Perkins

Venture capital gets another wake-up call

The stunning fall in Klarna’s valuation, and further cuts to some estimates of Canva’s valuation, suggest the tech pain in public markets has infected private ones. 

  • Updated
  • James Thomson
Barrenjoey chief economist Jo Masters.

Business, consumer confidence slump on inflation and rate rises

Growing inflation and the Reserve Bank’s push to normalise interest rates has sparked a slump in business and consumer confidence despite strong spending and forward orders.

  • Ronald Mizen
Investors are looking ahead to key US inflation data, due to be released on Wednesday

Bond yields slide as investors weigh rising China infections

Concerns over fresh COVID-19 lockdowns in China have rocked bonds as another big inflation number looms, and a Fed rate increase lies around the corner.

  • Emma Rapaport
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Could we have actually seen the bottom for equities?

Markets’ historic mini rally faces three big tests

The best start to a September quarter on Wall Street in 42 years is sparking hopes the worst has passed. Could we have actually seen the bottom for equities?

  • Updated
  • James Thomson
Fed chairman Jerome Powell.

Ten of the week’s best opinion reads from the Financial Review

Why analysts are divided on whether the sell-off in global equity markets will intensify; the problems facing central bankers; and how AustralianSuper avoided the carnage found in equity and bond markets. Here’s 10 of the best opinion reads from this week.

The payroll gains are more “consistent with a raging economic boom”, Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note.

US economy adds 372,000 jobs in June, bolstering case for higher rates

The US unemployment rate was unchanged at 3.6 per cent as the pool of available workers shrank, and wage growth remained firm.

  • Reade Pickert

Sellers fear property market ‘grinding to a halt’ as decline picks up

As rate rises start to bite, buyers are refusing to pay asking prices while banks are offering big discounts and cash incentives to attract reluctant borrowers.

  • Duncan Hughes
caption to come.

How the RBA duped Aussie households

Martin Place risks destroying economic prosperity with some of the most aggressive rate increases in the world that are based on forecasts not worth the paper they are written on.

  • Christopher Joye