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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim Willie CB who wrote (2676)	11/28/2003 7:31:10 AM
From: russwinter	Read Replies (2) of 110194

The world's central bank's are way behind the curve. Australia ready to follow up quickly on last month's rate increase: Australian Credit to Consumers, Business in October Rises 1.6% Nov. 28 (Bloomberg) -- Australian credit provided by banks and other financial institutions rose at its fastest annual pace in 14 years in October, suggesting the central bank may raise interest rates next week. Credit to consumers and business rose 1.6 percent in October from September and gained 14.7 percent from a year earlier, the largest annual increase since November 1989, the Reserve Bank of Australia said. Lending to consumers to buy houses surged 2.1 percent last month to be 23.1 percent higher than a year ago. The central bank has said it is concerned about consumers borrowing, which has been fueling housing construction and home prices. The bank this month increased its benchmark interest rate a quarter percentage point to 5 percent, the first increase in 17 months. ``It suggests that credit is clearly too cheap and justifies the central bank's November rate increase,'' Su-Lin Ong, senior economist at RBC Capital Markets, said in Sydney. ``It also provides further evidence for another 25 basis points tightening next Wednesday morning.'' The Reserve Bank's nine-member rate-setting board hold their December meeting on Tuesday. Nineteen of 22 economists surveyed by Bloomberg News forecast the central bank will increase its overnight cash rate target a quarter point to 5.25 percent. The decision is announced on Wednesday at 9:30 a.m. in Sydney. Finance for business increased 1.2 percent in October from September and rose 6.7 percent from a year earlier, the central bank figures showed. Lending to consumers for purposes other than to buy houses increased 1.1 percent for an annual gain of 12.9 percent. Last Updated: November 27, 2003 20:01 EST

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