Thurs 10 Sept

Indeed, there was a large leap in Aussie consumer confidence today, up 18% m/m, and a surge in Aussie home loans (up 8.9% in the month vs 2% consensus), which will be welcomed by the RBA. However, it also speaks to a K-shaped recovery. Does anyone actually think the economy suddenly improved markedly? Far more likely than a sudden economic miracle is that this is an echo of what we see elsewhere: white-collar Covid winners on full salary and able to work from home using low rates to move out to the suburbs where they don’t need to meet the scrofulous poor and all their petty unemployment, food on table, and virus concerns. And one wonders why we are in an Age of Rage?

Elsewhere, Ch

From Michael Every, Rabobank, 'A bear with a cardboard box on it's head' in ZH today.