Suddenly the talk in global financial markets has spun from “when will interest rates next rise?” to “how soon before they fall?”. Some commentators are flagging the shift as a “ pivot party ”. This change has been most prominent in the United States. It was prompted by the Federal Reserve, the US equivalent of the Reserve Bank of Australia, releasing its latest “dot chart”. This shows most members of its policy-setting Federal Open Market Committee expect their interest rate would be lower by the end of 2024. The recent review of the Reserve Bank in Australia wanted more transparency. But, after the whacking former Governor Phil…
