Be upstanding for Australian bank funding costs!

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In a magnificent captain’s knock to rival the greats, the CBA CDS price yesterday added 2.16 runs to crack the ton. I ask you all to rise and applaud this chanceless innings:

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Where would we be without such talent and grace leading the national team? I’ll tell you where, sinking with the US high yield bond market, from BofAML:

A slow moving train wreck that seems to be accelerating

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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.