Steve Keen is standing for the Senate in NSW. What was he thinking! I ask on this week’s FREE Debunking Economics podcast.
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Oil price rises have more talk about stagflation. NAB’s Ray Attrill says inflation is a real concern, but will it impact spending when many consumers have savings squirrelled away?
Markets are much calmer this morning. Equities have managed to climb a little, with the biggest moves in currencies and commodities. NAB’s David de Garis says there’s debate about whether we’re heading to reflation, deflation or stagflation, or all of the above. The Aussie dollar lost more ground, but the pound is taking more of a hammering as fuel shortages will almost certainly be hitting the growth outlook there. Over the Atlantic the debt ceiling is looming, but the short-term issue is passing some sort of budget today, so the government can carry on spending tomorrow.
A heated Senate Banking Committee, doubts over a second term for Jerome Powell, and a looming debt ceiling are all causing concern. But NAB’s Tapas Strickland says on the debt standoff, we’ve been here before.
Supply constraints, rising commodity prices and tightening by central banks. NAB’s Gavin Friend says all of this is driving bond yields up, steepening curves and causing a move away from tech stocks. But how long will this go on for?
It’s a different atmosphere this morning says NAB’s David de Garis. Stocks were in the black as Evergrande pays out its coupons, and commodities are back on the up too. And the Fed, will taper soon, probably from December.
The floating of currencies has created a massive forex industry. @ProfSteveKeen says it has made life harder for speculators, which is a good thing, but the world missed a trick when it ignored Keyne’s idea of the Bancor. https://t.co/NJDPcI33JI