That would be a beer bearing bear then?Did I mention Im a bear on IR cuts? I dont think I did...
OK, so long as we're posting links, how about this one:
http://business.smh.com.au/business...-says-economy-in-recession-20080911-4e2c.html
And the AUD is taking a caning as the world treats us Tasman cousins the same. Won't be long and our RBA will be singing off the same hymn sheet.SMH said:New Zealand's central bank cut its benchmark interest rate by a half-point to 7.5%, more than expected by most economists, saying the economy is in a recession and inflation will slow.
``With medium-term inflation pressures expected to ease, it is appropriate to move toward a less restrictive stance,'' Reserve Bank Governor Alan Bollard said in a statement in Wellington today. The half-point cut ``is warranted in light of tightness of credit conditions and the time it will take to affect actual interest rates faced by households.''
Cheers,
Michael