Unusually large jumps in local wholesale swap rates, followed by an 11 year high for the main US Treasury benchmark, are putting mortgage borrowers on notice that they face even higher rates in the very near future

Yes...I was pointing out back in 2020-2021 that I thought Powell was the most dangerous man on the plant with his covid response policies and then inflation denial. Especially because of the potential pain he could cause if his actions and denials were misplaced (it would impact most of the planet)....which it looks like they have been....and I think its far less likely that Russia would have invaded Ukraine had the Russians not had the ability to blackmail large parts of the world via energy and food supplies issues during a period of rising inflation. So again, a policy mistake by the US has played into the hands of the Russians giving them economic leverage to carry out this war. Had that mistake not been made, I doubt Putin would have gone ahead with his plan as otherwise the sanctions would have crippled them. 

We need a complete change of guard in terms of leadership across the western world....people that are willing to take responsiblity for their actions and actually admit there are problems and do something to address them. As opposed to the current crop of silly old men (and women - I'll include the likes of Yellen and Largade) who don't appear to think they are responsible for anything...despite continuous policy blunders. 

And I find it bizarre that the Fed officals all managed to cash out of the share market at its peak.....and deciding they could no longer play the game. Suddenly they can't play the market, and all of a sudden they are crashing it...might just be a coincidence. But then again, it might not be. 

RBNZ and Labour Party will have a response and justification that it is not just but rest of the world that is being Sc%$#  so chill and do not over react.......

The problem is the increasing trend of central banks to think that they can predict and control the future.  They no longer simply respond to something that has already happened, but implement policy to shape a particular outcome, or to stop something from happening in the belief that they possess economic clairvoyance.  In this case, all those bizarre early Covid models predicting Armageddon never eventuated, and it turns out the central banks acted unnecessarily.  Now we all pay the price. 

Don't forget it is the banks themselves who are responsible for lending prudently notwithstanding the RBNZ's lack of regulatory acumen.  It is management and their shareholders (hopefully) who get hit if things go South.  To me, the bank management have shown themselves to be feckless, greedy  politicians rather than responsible risk managers and custodians of shareholders funds (and taxpayer support).

Well said. I couldn't agree more!

Can you have one without the other....tell him he,s dreaming!

"pop the artificially inflated speculative asset bubble, and (not or) accept mass layoffs and bankruptcies"

While you still can, I’d say. That barbarous relic is the ultimate store of wealth and will have its day again !

Very well thanks beats losing the lot on a Crypto at present and the Crypto Crash has only just started. I see some of them are halting transactions to prevent a total wipeout.

1 NZD = 1 NZD

I've put all my spare capital into the much-hated $US.

It's outperforming crypto by hundreds of percent. I'm preserving wealth very efficiently just by not participating in any clownish scams. It's amazing.

Because banks know the rate will peak and drop sometime next year hence unwilling to up the Term Deposit rates.

Banks wont increase TD rates until the Funding for Lending programme is closed.  Second tranche of it kicks of next month and finishes up in December. 

Well done GC

So you, as an investor(?), are not selling because you're too lazy and entitled?

Have you done the numbers? You might be loosing multiples of the annual median income if we go back to DTIs of several years ago.

Do you think 2.5% mortgage rates are normal? Are you going to hold until it gets back there or do you want lower? Do you really think the country is going to pay for $4-5 gas to keep your rates from rising?