Author

Tony Kelly

“Tony's expereince includes working at the The Victorian Department of Treasury and the Commonwealth Treasury”

Tony joined NAB early in 2011 from the Victorian Treasury where he worked for 12 years on a range of issues, including state budget strategy and forecasting state taxation revenues.

Before this, Tony was in the Commonwealth Treasury for a decade, where he undertook work on macroeconomic forecasting, microeconomic reform and debt management.

Tony grew up in Canberra and graduated (with first class honours) from the Australian National University. He also holds a Masters degree in Applied Finance from Macquarie University.

Recently Published Articles

US Economic Update: September 2017

US Economic Update: September 2017

8 September 2017

Increasing household wealth (due to rising equity and house prices), as well as a high level of consumer confidence, remain tailwinds for consumer spending.

US Economic Update: September 2017
Nearly two months of Trump: March 2017

Nearly two months of Trump: March 2017

8 March 2017

Financial markets rallied strongly shortly after it was clear Donald Trump would be the next President. This was evident across stock, currency and bond markets, and there was also a decline in credit spreads.

Nearly two months of Trump: March 2017
US Economic Update: 2016 Q4 GDP

US Economic Update: 2016 Q4 GDP

30 January 2017

We expect growth to face some headwinds in coming quarters but to strengthen later in the year and into the next, assuming the President delivers a fiscal stimulus to the economy

US Economic Update: 2016 Q4 GDP
US Trade Policy. What Now?  January 2017

US Trade Policy. What Now? January 2017

23 January 2017

Re-building the US industrial base, aiming to “massively increase jobs, wages, incomes and opportunities for the people of our country” is the principal economic objective of the Trump Presidency.

US Trade Policy. What Now?  January 2017
US Economic Update: November 2016

US Economic Update: November 2016

11 November 2016

The new President and administration will take office at a time when the economy is in reasonably solid condition at the macro level.

US Economic Update: November 2016
US Economic Update: September 2016

US Economic Update: September 2016

5 September 2016

Despite inflation remaining stubbornly below the Fed’s 2% goal, lower unemployment can still be expected to generate price pressures.

US Economic Update: September 2016
US Economic Update: 2016 Q2 GDP

US Economic Update: 2016 Q2 GDP

2 August 2016

In the June quarter 2016, US GDP grew by an annualised 1.2% qoq. This was a little stronger than the 0.8% qoq growth recorded in the March quarter, but still a relatively soft rate of growth and below expectations.

US Economic Update: 2016 Q2 GDP
U.S. Economic Update: July 2016

U.S. Economic Update: July 2016

18 July 2016

Primarily driven by very strong consumption growth, activity looks to have picked up in the June quarter, after a sluggish start to the year.

U.S. Economic Update: July 2016
US Economic Update: June 2016

US Economic Update: June 2016

9 June 2016

March quarter GDP growth was only 0.8% qoq annualised. However, at this stage it looks like GDP growth has strengthened in the June quarter.

US Economic Update: June 2016
US Economic Update, 2016Q1 GDP

US Economic Update, 2016Q1 GDP

29 April 2016

Quarterly U.S. Gross Domestic Product (GDP) growth slowed to a weak 0.1% qoq, or 0.5% annualised in the March quarter. As the same quarter last year was also weak, there was little change in the over-the-year growth rate which has been around 2% for the last three quarters.

US Economic Update, 2016Q1 GDP
US Economic Update – 4 April 2016

US Economic Update – 4 April 2016

4 April 2016

In last month’s Update we noted that after a soft end to 2015, the partial indicators were pointing to a turnaround. Some new data (for February) and some hefty revisions to historical data later, March quarter 2016 GDP growth is now tracking at only 0.7% qoq (annualised) according to the Atlanta Fed’s ‘Nowcast’.

US Economic Update – 4 April 2016
Five tips for protecting your IP

Five tips for protecting your IP

15 February 2016

Intellectual property covers everything from your brand to customer lists. It could be your most valuable asset, so how can you best protect it? Bill Ladas, Special Counsel at King & Wood Mallesons, and Tara Tissott, Legal Counsel at NAB, discuss the options.

Five tips for protecting your IP
Five generations of Tahbilk wine

Five generations of Tahbilk wine

12 February 2016

The Purbrick family has been managing the Tahbilk winery in Victoria for five generations. It’s now managed by Alister Purbrick and his daughter Hayley, who believe they have a responsibility to leave both a sustainable environmental legacy and a successful business for future generations.

Five generations of Tahbilk wine
Putting it all on the line

Putting it all on the line

2 February 2016

Taking charge of the family business after the death of his father, Peter Freedman persevered through tough times to grow Freedman Electronics from a single shop in the Sydney suburb of Ashfield to become RØDE Microphones – one of Australia’s great export success stories.

Putting it all on the line
CEO Seat: waking the sleeping giant.

CEO Seat: waking the sleeping giant.

27 January 2016

In 2012, after a decade as Chief Executive Officer of the National Rugby League, David Gallop was appointed CEO of Football Federation Australia. He shares his mission to have the most fans and participants of any Australian sport.

CEO Seat: waking the sleeping giant.
NAB ACRI Australia-China Business Index: Bilateral engagement

NAB ACRI Australia-China Business Index: Bilateral engagement

27 January 2016

The first-ever report comparing attitudes of Chinese and Australian business leaders towards bilateral engagement was conducted by NAB and the Australia-China Relations Institute (ACRI) at the University of Technology Sydney. This excerpt examines how bilateral engagement is expected in increase.

NAB ACRI Australia-China Business Index: Bilateral engagement
China’s economy at a glance

China’s economy at a glance

20 January 2016

China’s latest national accounts data showed a slowing trend for China’s economy in the December quarter. The services sector - the main engine for growth over 2015 – also slowed in the December quarter.

China’s economy at a glance
Single origin wheat is proving an export hit

Single origin wheat is proving an export hit

20 January 2016

Run by four families, Flinders Ranges Premium Grain in South Australia has an expanding grain and flour export business that sells itself on the location and soil it’s grown in, in the same way wine does.

Single origin wheat is proving an export hit
24 Hours with Chelsea and James Ross

24 Hours with Chelsea and James Ross

18 January 2016

Husband and wife Chelsea and James Ross are the dynamic duo behind Venivici, a company that operates three – soon to be four – women’s boutique retreats in Bali and Japan under the Goddess Retreats brand.

24 Hours with Chelsea and James Ross
U.S. Economic Update: January 2016

U.S. Economic Update: January 2016

15 January 2016

We expect another year of moderate growth in 2016, with further labour market improvement and inflation starting to move back towards the Fed’s target.

U.S. Economic Update: January 2016
The value of hard work and a helping hand

The value of hard work and a helping hand

8 January 2016

“Hard work pays off” is a philosophy that Rick Hall, the Alice Springs business owner of Alice Motor Sales, off-road motorbike champion and father of five, has always subscribed to.

The value of hard work and a helping hand
In the flow

In the flow

30 December 2015

Father and son entrepreneurs Stuart and Cedar Anderson of Flow Hive™ fame overshot their original crowdfunding target of $97,000 by about $16.8 million. How did it happen and where do you go from there?

In the flow
The oyster is his world

The oyster is his world

23 December 2015

The Ralstons have been farming oysters for five generations. Now, with brothers John and Ben Ralston at the helm they are using innovative techniques to attract new customers.

The oyster is his world
United States Economic Update – 14 August 2015

United States Economic Update – 14 August 2015

17 August 2015

Economic growth strengthened in the June quarter and is set to remain above its long-term trend rate. The Fed is likely to raise rates this year. We expect this to start in September although it could easily be delayed. Subsequent rate hikes will occur at a slow pace by past standards.

United States Economic Update – 14 August 2015
US Economic Update –  US GDP Q2 2015

US Economic Update – US GDP Q2 2015

3 August 2015

U.S. GDP growth accelerated in the June quarter to a rate of 0.6% qoq (2.3% annualised). Following revisions, the economy is now estimated to have grown in the first quarter.

US Economic Update –  US GDP Q2 2015
US Economic Update – April 2015

US Economic Update – April 2015

10 April 2015

Economy has got off to a slow start in 2015. While we expect it to be a temporary slowdown, we have revised our 2015 forecast to 2.7% (previously 3.1%). If achieved, this would still represent an above trend rate of growth, and is consistent with further labour market improvement.

US Economic Update – April 2015
US Economic Update – March 2015

US Economic Update – March 2015

16 March 2015

Partial data have been soft recently, perhaps partly reflecting severe weather conditions. With December quarter 2014 GDP also revised down, we have lowered our forecast for 2015 GDP growth to a still solid 3.1% (was 3.3%). Unemployment continues to fall.

US Economic Update – March 2015
US Economic Update – February 2015

US Economic Update – February 2015

16 February 2015

Following two strong quarters, US GDP growth decelerated in the December quarter to a still solid 2.6% qoq (annualised). The large fall in oil prices and the rise in the dollar are producing both winners and losers. Annual labour force growth in January matched civilian population growth.

US Economic Update – February 2015
US Economic Update – US GDP Q4 2014

US Economic Update – US GDP Q4 2014

2 February 2015

U.S. GDP growth decelerated in the December quarter to a still solid 0.65% qoq (2.6% on an annualised basis). This suggests that the economy is growing at an above long-term trend rate. As a result, unutilised capacity in the economy continues to decline.

US Economic Update – US GDP Q4 2014
US Economic Update – January 2015

US Economic Update – January 2015

16 January 2015

The US economy is currently enjoying a strong patch of growth. Small business confidence is at a recovery high, consumer confidence continues to increase, and household incomes - already benefiting from strong employment growth - are being further boosted by the fall in oil prices.

US Economic Update – January 2015
Japanese Economic Update – January 2015

Japanese Economic Update – January 2015

14 January 2015

Japan is in the midst of major demographic changes, which have had significant implications for its economy and will continue to do so. Japan’s population is already declining, and with its society also ageing the drag on the workforce is potentially even greater.

Japanese Economic Update – January 2015
US Economic Update – December 2014

US Economic Update – December 2014

10 December 2014

GDP growth is expected to strengthen in 2015 to 3.0%, from 2.3% in 2014. This reflects rising business and consumer confidence, improving household balance sheets, a strengthening labour market, solid investment conditions, declines in oil prices and a fading headwind from fiscal policy.

US Economic Update – December 2014
US Economic Update – November 2014

US Economic Update – November 2014

14 November 2014

The U.S. economy is growing at an above trend pace, with strong jobs growth. We expect the Fed to start raising rates in mid-2015. While there are signs wages growth is starting to strengthen, low inflation remains the main risk that may delay rate hikes.

US Economic Update – November 2014
US Economic Update – US GDP Q3 2014

US Economic Update – US GDP Q3 2014

6 November 2014

GDP grew by 3.5% qoq (annualised rate) in the September quarter, a strong above trend result. While we expect that growth may slow in the December quarter, it should still be consistent with around 3% annualised growth in the second half of 2014.

US Economic Update – US GDP Q3 2014
US Economic Update – October 2014

US Economic Update – October 2014

8 October 2014

Indicators point to above trend growth in the September quarter of just over 3% qoq. Jobs growth was strong in September and the unemployment rate fell below 6% for the first time in over six years. Inflationary pressures have eased in recent months.

US Economic Update – October 2014
US Economic Update – September 2014

US Economic Update – September 2014

11 September 2014

Indicators remain generally positive, consistent with our forecast of solid, above trend, growth of 3.0% qoq (annualised) in the September quarter. While August’s employment gain (142,000) was below expectations, the recovery in the labour market remains on track.

US Economic Update – September 2014
US Economic Update – August 2014

US Economic Update – August 2014

12 August 2014

GDP bounced back strongly in the June quarter, growing at an annualised 4.0% rate. Early indicators for the September quarter are positive. Tapering of asset purchases under QE is continuing and we expect the end of the program to be announced after the Fed’s October meeting.

US Economic Update – August 2014
US Economic Update – US GDP Q2 2014

US Economic Update – US GDP Q2 2014

4 August 2014

GDP bounced back strongly in the June quarter, growing by a 4.0% annualised rate. The improvement was broad based and revisions to recent quarters were also positive. Early indicators for the September quarter are positive. We expect solid growth over the rest of the year.

US Economic Update – US GDP Q2 2014
US Economic Update – July 2014

US Economic Update – July 2014

15 July 2014

The large fall in March quarter GDP is not matched by other indicators. Data for June quarter suggest growth will resume. Inflation has strengthened in recent months.

US Economic Update – July 2014
US GDP Q1 2014 Update

US GDP Q1 2014 Update

11 July 2014

US GDP is now estimated to have declined by a recession like 2.9% qoq (annualized rate) in the March quarter. However, we still think the March quarter weakness is a one-off. Other indicators do not point to an economic downturn.

US GDP Q1 2014 Update
US Economic Update – June 2014

US Economic Update – June 2014

19 June 2014

The economy is now estimated to have gone backwards in the March quarter. However, indicators point to a bounce back in the June quarter. Recovery expected to continue over the rest of 2014 and into 2015. We expect growth of around 2¼% this year and 3% in 2015.

US Economic Update – June 2014
US Economic Update – May 2014

US Economic Update – May 2014

26 May 2014

GDP growth paused in the March quarter, but indicators point to a bounce back in the June quarter. The labour market continues to improve highlighted by a large fall in the unemployment rate in April. Other labour market indicators are also improving but more slowly...

US Economic Update – May 2014
US Economic Update – US GDP Q1 2014

US Economic Update – US GDP Q1 2014

7 May 2014

US GDP growth slowed sharply in the March quarter. This, at least in part, reflected the harsh winter and also a correction to the strong growth seen in the second half of 2013 as inventory accumulation slowed and net export gains were reversed.

US Economic Update – US GDP Q1 2014
US Economic Update – April 2014

US Economic Update – April 2014

10 April 2014

GDP growth is expected to decelerate in the March quarter, partly reflecting the temporary impact of a severe winter. The recovery should get back on a firmer footing over the rest of 2014. We are still expecting GDP growth of 2.6% in 2014 and 2.9% in 2015.that

US Economic Update – April 2014
US Economic Update – March 2014

US Economic Update – March 2014

17 March 2014

GDP growth is expected to decelerate modestly in the March quarter, partly reflecting the temporary impact of a severe winter. Following GDP growth of 1.9% in 2013 we are forecasting GDP will grow by 2.6% in 2014 (previously 2.8%) and 2.9% in 2015.

US Economic Update – March 2014
US Economic Update – February 2014

US Economic Update – February 2014

14 February 2014

Economy still on track despite fall in manufacturing ISM and another weak jobs report. Following GDP growth of 1.9% in 2013 we are forecasting GDP will grow by 2.8% in 2014 and 2.9% in 2015. Inflation remains well below Fed’s 2% objective.

US Economic Update – February 2014
US Economic Update – US GDP Q4 2013

US Economic Update – US GDP Q4 2013

6 February 2014

US GDP rose by a reasonably strong 3.2% (annualized rate) in Q4, completing a strong second half to the year. Consumption growth was stronger as were net exports but residential investment went into reverse and public demand was very weak due to the October government shutdown.

US Economic Update – US GDP Q4 2013
US Economic Update – January 2014

US Economic Update – January 2014

17 January 2014

Recent partial indicators of economic activity have been positive. With inventories also tracking more strongly than expected, December quarter GDP growth is now estimated to be 0.7% qoq (3.0% annualised). We are forecasting GDP growth of 1.9% in 2013

US Economic Update – January 2014
US Economic Update – November 2013

US Economic Update – November 2013

20 November 2013

US GDP rose by 2.8% (annualized rate) in the September quarter, continuing the improvement experienced over the course of the past year. However, details a bit weaker as the stronger growth reflected a pick-up in inventories.

US Economic Update – November 2013
US Economic Update – US GDP Q3 2013

US Economic Update – US GDP Q3 2013

19 November 2013

US GDP rose by 2.8% (annualized rate) in the September quarter, continuing the improvement experienced over the course of the past year. However, the stronger growth largely reflected a pickup in inventories. Business investment and consumption were weak, but housing is still growing

US Economic Update – US GDP Q3 2013
US Economic Update – October 2013

US Economic Update – October 2013

16 October 2013

September quarter GDP growth expected to be 2.0% qoq (annualised rate). Business surveys more positive on strength of the economy. Partial U.S. Government shutdown will not have a major direct impact on the economy.

US Economic Update – October 2013
US Economic Update – September 2013

US Economic Update – September 2013

13 September 2013

US GDP for the June quarter revised up from 1.7% (annualized rate) to 2.5%. While some partial indicators were soft at the start of the September quarter, business surveys point to a stronger underlying momentum in the economy. We have revised up our forecast for GDP growth in 2013 to 1.6%

US Economic Update – September 2013
US Economic Update – August 2013

US Economic Update – August 2013

19 August 2013

US GDP rose by 1.7% (annualized rate) in the June quarter, an improvement on the March quarter, but still only a modest rate of growth. The stronger growth largely reflected a pick-up in business investment and a much smaller detraction from growth from public demand.

US Economic Update – August 2013
US Economic Update – US GDP Q2 2013

US Economic Update – US GDP Q2 2013

2 August 2013

US GDP rose by 1.7% (annualized rate) in the June quarter, an improvement on the March quarter, but still only a modest rate of growth. The stronger growth largely reflected a pick-up in business investment and a much smaller detraction from growth from public demand.

US Economic Update – US GDP Q2 2013
US Economic Update – July 2013

US Economic Update – July 2013

16 July 2013

Overall, the US economy appears to be continuing to grow at a modest pace. While GDP growth is likely to slow in the June quarter, this is partly due to an expected inventory correction. We are forecasting GDP growth will strengthen in the second half of the year.

US Economic Update – July 2013
US Economic Update – June 2013

US Economic Update – June 2013

14 June 2013

Early indicators suggest GDP growth will slow a little in the June quarter from its March quarter level. However, as the impact of tax increases and the automatic budget cuts fades, growth is expected to strengthen later in the year. We see GDP growth of 2.1% in 2013 and 2.9% in 2014.

US Economic Update – June 2013
US Economic Update – May 2013

US Economic Update – May 2013

15 May 2013

US GDP rose by 2.5% (annualized rate) in the March quarter. Underlying trend is modest growth. We are forecasting GDP growth of 2.1% in 2013 and 2.9% in 2014. While GDP growth will likely moderate in the current quarter it should strengthen in the second half of the year.

US Economic Update – May 2013
US Economic Update – US GDP Q1 2013

US Economic Update – US GDP Q1 2013

30 April 2013

US GDP rose by 2.5% (annualized rate) in the March quarter. Underlying trend is modest growth. Growth in the quarter was largely driven by private consumption and a positive contribution from inventories. Fixed investment was weaker than the previous quarter but continues to grow

US Economic Update – US GDP Q1 2013
US Economic Update – April 2013

US Economic Update – April 2013

10 April 2013

Partial data for the March quarter are pointing to a noticeable pick-up in GDP growth following only weak growth in the December quarter. We are expecting GDP growth of 2.4% (revised from 2.2%) in 2013 and 2.9% in 2014. While we expect growth to slow modestly in the June quarter, it ....

US Economic Update – April 2013
US Economic Update – March 2013

US Economic Update – March 2013

15 March 2013

Economic (GDP) growth appears to have resumed in March quarter after December quarter lull. We are expecting GDP growth of 2.2% in 2013 and 2.9% in 2014. Growth to be supported by some fading headwinds, growing business investment and continued recovery in the housing market.

US Economic Update – March 2013
US Economic Update – February 2013

US Economic Update – February 2013

20 February 2013

US GDP fell in the December quarter but the underlying trend is modest growth. Extremely loose monetary policy likely to continue for an extended period. Expect QE3 monthly asset purchases will finish at end of 2013. Fed funds rate likely on hold until late 2015/early 2016

US Economic Update – February 2013
US Economic Update – US GDP 2012 Q4

US Economic Update – US GDP 2012 Q4

4 February 2013

US GDP fell by 0.1% (annualized rate) in the December quarter following quite solid growth in the previous quarter. Underlying trend is modest growth. The quarterly decline reflects a big drop in federal defence spending and slower inventory growth as well as a decline in net exports.

US Economic Update – US GDP 2012 Q4
US Economic Update – January 2013

US Economic Update – January 2013

21 January 2013

The ‘fiscal cliff’ has been substantially scaled back. The fate of scheduled automatic budget cuts (delayed for only two months) is still subject to negotiation and an increase in the debt limit is also still to be agreed. The U.S. economy continues to track along at a moderate pace...

US Economic Update – January 2013
Economic Comment: US Fiscal Cliff

Economic Comment: US Fiscal Cliff

10 December 2012

The fiscal cliff refers to the large fiscal contraction that will occur early in January 2013 due to increases in taxes and reductions in spending under existing law. Given the state of the economy and the limited ability of monetary policy to respond

Economic Comment: US Fiscal Cliff
US Economic Update – November 2012

US Economic Update – November 2012

13 November 2012

The US economy is only growing at a modest rate. GDP grew by 0.5% qoq (or 2.0% annualized) in the September quarter, and we expect similar growth for the present quarter. Hurricane Sandy is a downside risk for December quarter growth; but upside risk for subsequent quarters.

US Economic Update – November 2012
US Economic Update – US GDP – Q2 2012

US Economic Update – US GDP – Q2 2012

30 October 2012

US GDP grew by 0.5% qoq in the September quarter, stronger than in the previous quarter but still only modest. The strengthening in growth was due to consumption, housing investment and government spending picking up. Of concern, however, was a decline in business investment.

US Economic Update – US GDP – Q2 2012
US Economic Update – October 2012

US Economic Update – October 2012

15 October 2012

GDP growth was only 0.3% qoq in the June quarter and partial indictors suggest that is was only slightly higher in the September quarter. This is consistent with the finding of the Federal Reserve’s ‘Beige book’ released this week.

US Economic Update – October 2012
US Economic Update

US Economic Update

27 September 2012

The Fed has announced further, aggressive, stimulus – extended forward guidance and a new round of QE. The Fed is also signalling that monetary policy stimulus will be maintained for longer than would normally be the case when the recovery strengthens. The latest indicators continue to suggest that the U.S. is experiencing only modest growth. […]

US Economic Update
Implications of the US Drought – August 2012

Implications of the US Drought – August 2012

23 August 2012

Drought has led to big downward revisions to US crop production. Impact on farm sector incomes will be mitigated by several factors, particularly the large expected increases in crop prices. However, these price rises will squeeze livestock and dairy producers. Farm sector will be a headwind to US GDP growth in 2012 similar to that […]

Implications of the US Drought – August 2012
US Economic Update – August 2012

US Economic Update – August 2012

10 August 2012

US GDP grew by only a modest 0.4% (or 1.5% annualized) in the June quarter, a slightly lower rate of growth than in the previous quarter. The composition of GDP was not positive, with the inventory cycle likely to be a moderate headwind in the near term. We expect growth to be similar in the […]

US Economic Update – August 2012
US GDP – Q2 2012

US GDP – Q2 2012

31 July 2012

US GDP grew by only a modest 0.4% (or 1.5% annualized) in the June quarter, a slightly lower rate of growth than in the previous quarter.

US GDP – Q2 2012
US Economic Update – July 2012

US Economic Update – July 2012

13 July 2012

The recent softness in economic indicators continued over the last month, and now point to GDP growth in the June quarter being slightly weaker than the March quarter’s modest pace. While we still expect GDP growth to strengthen in the second half of the year we have trimmed our growth expectations for 2012 (from 2.2% […]

US Economic Update – July 2012
US Fiscal Policy – 22 June 2012

US Fiscal Policy – 22 June 2012

22 June 2012

Under current law there will be a large fiscal contraction in the United States in 2013.  If it went ahead it could significantly impact the economy. However, experience suggests that many of the spending cuts and tax increases will be deferred. We expect the fiscal headwind in 2013 to be similar to that of 2012. […]

US Fiscal Policy – 22 June 2012
US Economic Update – June 2012

US Economic Update – June 2012

8 June 2012

The recent weakness in jobs growth continued into May. It is probably, in part, a correction to the surprisingly strong growth in early 2012. Indicators suggest that June quarter GDP growth will maintain the previous quarter’s modest pace. While we still expect GDP growth to strengthen in the second half of the year we have […]

US Economic Update – June 2012
US Economic Update – 11 May 2012

US Economic Update – 11 May 2012

11 May 2012

US GDP grew by 0.5% (or 2.2% annualized) in the March quarter, confirming that the US economy is growing at a modest-to-moderate pace. We expect GDP in the current quarter to grow at a similar rate to the March quarter and then strengthen in the second half of the year. We have left our forecasts […]

US Economic Update – 11 May 2012
US GDP – Q1 2012

US GDP – Q1 2012

30 April 2012

US GDP grew by 0.5% (or 2.2% annualized) in the March quarter, confirming that the US economy is growing at a modest-to-moderate pace. There was mixed news on the composition of GDP with inventories making a further contribution to growth and business investment declining. However, consumption and housing investment were strong and there was a […]

US GDP – Q1 2012
USA Economic Update – 12 April 2012

USA Economic Update – 12 April 2012

12 April 2012

It is too early to say that the disappointing March jobs outcome signals a shift to a much slower pace of jobs growth but some downwards correction was expected.

USA Economic Update – 12 April 2012
US Economic Update: ‘sterilized’ QE

US Economic Update: ‘sterilized’ QE

28 March 2012

If the Fed undertakes another round of Quantitative Easing it may be ‘sterilized’. That is, the Fed would ensure there is no increase in bank reserves, either through using reverse repurchase agreements or auctioning term deposits to banks. Reverse repos or term deposits are a form of shortterm borrowing. Under unsterilized QE, the asset purchases […]

US Economic Update: ‘sterilized’ QE