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.”
By Abhishek Vishnoi and Samson Ellis
March 16, 2023
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.
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.
GETTING THE FED RIGHT.
Terminal Rate Risk as High as 7.5%
The RBA and the Fed diverge on interest rates.
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.
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.”
US MARKETS RALLY THANKS TO MAGNIFICENT 7
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.