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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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Why the RBA should let inflation run its course.
US China repair crelations.

China cuts rates

20 June, 2023

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Are markets underestimating the possibility of a US default?

Debt ceiling negotiations

22 May, 2023

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Special ausbiz Show
Australia Deserves Better!

3 May, 2023

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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GLOBAL MEDIA

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

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US Inflation data due to be released.

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ABC NEWS

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. 

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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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GETTING THE FED RIGHT.

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.

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Market Impact of Debt Ceiling Deal
09:21
ACY Securities

Market Impact of Debt Ceiling Deal

Clifford Bennett, Chief Economist ACY Securities shares his perspective on the potential impact of a debt ceiling deal with Kyle Rodda on The Open at ausbiz TV. There has been a relief rally in the market due to various factors, including the resolution of the debt situation. However, despite the short-term positive effects, a market correction is imminent. Although people were cautious leading up to the debt ceiling crisis, they didn't expect it to actually happen. The possibility of a technical default suggests that even if a default occurs, it wouldn't have a significant long-term impact. Highlighting the growing US debt and the dire state of the US economy as reasons for concern. Despite the liquidity in the system and low interest rates, the fundamentals of the US economy are not favorable, with manufacturing in contraction and property prices falling. There are also concerns about the banking crisis, with the possibility of several hundred banks could go under in the next 12 to 18 months. Regarding the Federal Reserve meeting, there is a belief they will likely pause further rate hikes due to the slowing economic outlook and the potential worsening of the banking crisis. The market should not expect rate cuts due to high inflation. The conversation then touches on the observation that the current rally on Wall Street is driven by a narrow group of stocks. While there may be a justification for the repricing of certain stocks, it is suggested that it may have gone too far, causing concern for the broader market. In conclusion, caution should be considered and the relief rally resulting from the debt ceiling deal may not be sustainable and market participants to consider the broader economic outlook rather than solely relying on liquidity and low interest rates. Catch up with the latest news and market analysis here https://acy.com/en/market-news Get in touch today: Web: https://www.acy.com Twitter: https://twitter.com/ACY_Securities Facebook: https://www.facebook.com/acy.securities/ #acysecurities #ausbiz #debtceiling #usstockmarket #TRADING #cfds #cfdstocks #indices #ausbiz @ACYSecuritiesAustralia Foreign exchange and derivatives trading carries significant risk and is not suitable for all investors. You do not own, or have any interest in, the underlying assets. Before you decide to trade foreign exchange and derivatives, we encourage you to consider your investment objectives, your risk tolerance and trading experience. ACY Securities Pty Ltd (AFSL: 403863) provides general advice that does not consider your objectives, financial situation or needs. You should consider if you are part of our Target Market by reviewing our TMD and read our FSG and PDS to ensure you fully understand the risks. The content of this presentation must not be construed as personal advice and the information in this presentation is prepared without considering your objectives, financial situation or needs; please seek advice from an independent financial or tax advisor if you have any questions. ACY Securities Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC AFSL:403863). Registered address: ACY Tower, Level 18, 799 Pacific Hwy, Chatswood NSW 2067. AFSL authorised us to provide financial services to Australian Residents or Businesses. © 2018 - 2023 ACY Securities is a brand name of ACY AU and ACY LTD, ACY Securities Pty Ltd. All rights Reserved.
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News.com
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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ausbiz TV Interview

global outlook& aud

11 October 2022

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27 September 2022

Economic catastrophe likely for US and Europe?

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Ausbiz Global View

With David Scutt
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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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.

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GOLD, OIL, STOCKS and Australia too.

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ABC News

ABC NEWS INTERVIEW AUSTRALIAN ECONOMY

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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.

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