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Thinking about some of the challenges facing Australian policy makers – and arguably consumers – at the present time, the slow growth in wages looms large.

One feature of Australia’s recent employment growth has been the subdued pace of full-time job creation at a time when part-time employment has grown strongly

While it is reasonable to expect economic change, the degree is understandably uncertain given that in recent days some of the President Elect’s policy positions have been softened and meanwhile policy initiatives will need to be approved by Congress.

The Bee Gees 1979 classic “Too Much Heaven” pretty much sums up overnight news, with UK GDP printing much better than expected at 0.5% q/q against expectations of a 0.3% print.

While the FOMC Minutes captured the market’s attention, for your scribe the most instructive comments came from the Fed’s Dudley who serves as the FOMC vice-chair in his fireside chat overnight.

Coming into work this morning I couldn’t help but think of Diana Ross’ Chain Reaction. It certainly was where US markets were concerned, with markets playing catch-up following the Columbus Day holiday to developments since the weekend.

The past week has been dominated by bond yields moving higher as have oil prices.

The main focus by markets ahead of Tuesday was no doubt the US Presidential Debate, billed as the showdown of the century.

24 hours on, under my [central bank] umbrella is how the markets have interpreted Wednesday’s US FOMC meeting.

For this week’s weekly we take a closer look at Australian household balance sheets.

Jump (for my love) was a classic 1980s hit by the Pointer Sisters and one suspects would be particularly high in the Spotify lists of several Fed officials after last night’s weaker than expected Manufacturing ISM.

The major development for markets last week was confirmation that the US Federal Reserve is looking to hike interest rates this year.

The market has continued to price toward the likelihood that the RBA will cut rates again at tomorrow’s Board meeting, pricing in this morning a 64% chance of an easing, with 36 of 47 economists surveyed by Reuters on Friday forecasting a cut this week.

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