DXY is up:
AUD is down:
BOJ one and done?
Oil is running:
Copper is Godot:
Miners barely raised an eyebrow:
EM stall:
But junk is still risk on:
Yields chilled:
Stocks firmed:
Aussie bullhawks are dead on arrival as usual. The RBA is going to cut and soon. Unemployment gives it no choice.
The 1-5 yield curve is a great predictor of per capita recession and has hardly steepened. If the RBA leaves it here, then it will overdo labour market weakness:
Yield spreads to the US are blowing out:
The immigration-led economy is doing its thing: crushing wage growth, killing productivity, erasing inflation, lowering living standards and, soon enough, handing Australia the weakest interest rates and currency in the developed world.
Meet the bullhawks who never learn!
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