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RBA holds Australians in fear of a ‘dagger in the heart’

The Reserve Bank holds Australians in fear of a “dagger in the heart” if they were to openly speak negatively about the RBA, according to independent economist Clifford Bennett.
“Isn’t it nice that we can finally speak openly about our central bank, which has been relatively free of critique for many years now, for a couple of decades,” Mr Bennett told Sky News Business Editor Ross Greenwood.
“I do believe that people were scared of the RBA.
“The RBA can choose who they send that business to.
“I think the static is always there, all the time, but occasionally there’s the dagger in the heart from the RBA to one of the major banks.”

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The RBA hiked rates against most expectations. Yet, as Clifford Bennett points out, It is interesting that RBA acknowledged consumer spending is moderating, there is a slowing, and the RBA chose to still raise rates again. 

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From Bloomberg London, to China News Daily, to the Wall Street Journal.

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US Inflation data due to be released.


3 October 2022

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Bennett: 25bps or hold from the RBAs next meeting

March 30, 2023.

Heading into next week's reserve bank meeting, signs are beginning to show that the economy is slowing. From inflation numbers, to job vacancies, there is a slew of data to unpack. Clifford Bennett from ACY Securities joins us to discuss his take on where the RBA could go next. And Clifford believes that the RBA may take the excuse to pause at this stage as the economy looks, in his eyes, weaker than was expected at this stage, pushed in large part by the global turmoil. 

CNN:   Asian bank stocks sink as Credit Suisse fear roils markets.

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SVB Fallout Could be Significant
Monday, 13 March, 2023.

The Federal Reserve does not exist in a bubble. It will not blindly continue raising rates as major cracks appear in the surface of the financial system.  There is no way of know how deep those fissures run and this will not be known by the time of the upcoming FOMC. It is highly likely the Federal Reserve will at least pause at this next meeting. So as to further assess the ripple impact of the collapse of SVB.

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Terminal Rate Risk as High as 7.5% 

The RBA and the Fed diverge on interest rates.

ausbiz TV

9 March, 2023.

The US Federal Reserve and the Reserve Bank of Australia have diverged in their communication regarding interest rates in March. Clifford Bennett from ACY Securities believes that the Federal Reserve has made a mistake by slowing down too early, and that Jerome Powell may soon increase interest rates by 50 points. Clifford says that the US has already seen a recession and that the higher the interest rates go, the quicker they will have to cut eventually. He says that the RBA has engineered a roller coaster economy and should not be hiking rates at all.
NAB AMP and Clifford
Australian Economy & Property

23 February, 2023.
The major institutions are finally joining my long held hard forecasts of Recession Risk and that the RBA will be going a lot higher.

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BFM Radio 89.9

US and Australian Outlook

Bullish Gold.

3 March, 2023.
The major institutions are finally joining my long held hard forecasts of Recession Risk and that the RBA will be going a lot higher.

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global outlook& aud

11 October 2022

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Economic catastrophe likely for US and Europe?

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7th September 2022.

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Australian economy could ‘fall off a cliff’

Australia’s “extreme” inflation could see our economy “fall off a cliff”, according to ACY Securities Chief Economist Clifford Bennett. “We might already be in the first half of the recession, we just don’t have the data for it,” he told Sky News Australia. “There’s only two other economies in the top 20-25 countries who have inflation higher than Australia and that is Italy and the UK. “Australia’s inflation is extreme by global standards.”

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BFM 89.9 Interview

24 July, 2023.

In the US despite successive rate hikes, equity markets continue to rally. Clifford Bennett, Chief Economist at ACY Securities explains this conundrum whilst telling us his expectations with regards to Federal Reserve Monetary Policy ahead of the FOMC this week.

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GOLD, OIL, STOCKS and Australia too.


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Latest thoughts.

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Central Bank Rate Hikes
Tip Into Lasting Destruction

The Bank of England and Norway both raised rates by a full 50 points.

Fresh Recessions across Europe, the US and Australia are now likely inescapable.

ABC News


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