Smells like code brown.
“What we’re seeing right now is the sharpest synchronised tightening of monetary policy in the modern era, and that’s having obvious consequences for economies right around the world – and what happens here in the US when it comes to interest rates has consequences for us as well,” Chalmers said.
“The risk here is a hard landing brought about by the blunt and brutal application of tighter monetary policy, and that is a central part of the conversation that I’ll be having with my colleagues from around the world.”https://www.smh.com.au/politics/federal/chalmers-to-raise-blunt-and-brutal-monetary-policy-with-us-federal-reserve-20221013-p5bpea.html
Ah, the ”obvious consequences” whose name he dare not speak! what might they be?!
Jimbo knows that the RBA can’t fight the Fed (and low exchange rate won’t help local producers, just roger consumers who are all that there is left). So he has to beg the Fed to ease up.
how humiliating that must be!