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Of course, now that Australian productivity cannot finance its own housing market without foreign help, how far credit is loosened will be determined that much more by private bond vigilantes. Australia's Bank Bonds Punished on Housing Bubble Concern: Credit Markets Investors in U.S...

Well Bernanke and Obama came out on the weekend essentially saying they are going to print a trillion+. Risk-on again, until it isn't.

The US Fed has been vacillating for months now, and the pressure is on for them to come clean on what they intend to do to stop the US economy diving further. They did announce they'd buy 2T of treasuris but that isn't stopping the slide in the US. But Trichet reckons the EUro is on the up, and...

How I see it: About 12-1am tonight, Bernanke is expected to clarify the US Fed's intentions on QE2. If he doesn't, expect a significant decline in global markets and tightening of credit flows to follow over the next week. If they do clarify a larger QE2 is on, stocks, bond yields, and the AUD...