The reality of having Australia's two largest cities back into lockdown is beginning to hit.
- WSJ opinion piece says the RBA is likely to put its QE taper on hold due to Sydney lockdown set to extend
- National Australia Bank CEO says rising number of customers facing financial stress
Commonwealth Bank of Australia's Head Interest Rate Strategist Martin Whetton:
- "The lockdowns in both Sydney and Melbourne are set to sharply impact the Australian economy
- We see the market reaction to move ahead of this, and see the ACGB 10Y (Nov 31) trading towards 1% as a result.
- Markets are likely to push back on the timing of rate hikes as well."
The second wave is looking like the good old days ....