Another yawn for Capt’ Glenn

Tuesday 24 July 2012

Markets gave Glenn Stevens a passing glance yesterday, slightly repricing the prospects of a rate cut at the August RBA meeting to a 40% chance only:

But on the long term chart it’s another big yawn:

Gone is July’s rally and yesterday the move was to add another 3bps. So, we’re almost back to pricing five cuts in the year ahead.

The market’s a skeptic.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.