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Markets subdued as 6 countries ponder interest rates…

By Jody Fewster
  • This week the Federal Reserve, Bank of England and the central banks of Japan, Norway, Sweden and Switzerland are all holding policy meetings to decide on interest rates.
  • Global oil prices have soared more than 20% in recent months to nearly $100 USD a barrel, amid supply constraints driven by OPEC production cuts.
  • The RBA minutes left the door open for a further rate hike if inflation is too strong. Petrol prices are up 26% over this year. Eek!
  • The S&P ASX-200 has been subdued ahead of rate calls (as mentioned).  It’s down again today at 7,150 as I type. Iron ore is at $121.92 USD and the Aussie dollar is $.643.
  • The WA Chamber of Commerce and Industry is predicting WA economic growth to slow to 1.75% this financial year – from 3.5% in fiscal 2022 – on challenges in our largest trading partner China.
  • WA jobs market remains tight with 3.4% unemployment. Our strong population growth, limited number of houses for sale, and a rental vacancy rate of 0.8% are causing pressure on buyers.
  • Obviously, I’m a tad biased but the most exciting things happening in the next week here in WA are the 40th-anniversary celebrations of Australia II winning the America’s Cup in 1983. Below is a photo of my gorgeous husband, Damian at 21 years of age being the first non-American across the line in 132 years!!!.
  • The Maritime Museum has a great new exhibition if you are looking for something to do with the kids this school holidays and Australia II is there as beautiful as she was 4 decades ago.
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