Here's my summary of the key events overnight that affect New Zealand with news that Janet Yellen is bowing out with some frank admissions.
But first, elsewhere in the US, durable goods orders in October are reported to be -1.2% lower than for a revised-higher September. But they are still +2.5% higher than the same month a year ago.
And the latest consumer confidence survey has that holding at a strong level going into the holiday shopping season although it is off its 13 year high of last month.
And in an appearance overnight, Janet Yellen described low inflation as "a mystery", conceding that the Fed is unsure of why it is persisting. She also hinted that "tightening too quickly" might leave the inflation rate stranded below 2%..
China is reported to be recoiling at the cost of subsidies for electric cars. Authorities says they will slash subsidies by -20% next year, a year earlier than originally planned, with the end of subsidies scheduled for after 2020.
Canada has agreed to institute a C$15/hour minimum wage - but not until 2019. (NZ$17.20) New Zealand is moving to a NZ$20/hr rate by 2021 with the rate going from the present $15.75 to $16.50 from April 2018.
In Australia today, they will release a new policy about how they are going to navigate their way in a world where the US is pulling back and China is asserting itself. The Aussies are worried about these shifts and reinforcing their aim to be sovereign and not reliant on China to its detriment. This review will drive their policy positioning over the next decade - and no doubt ours too.
In New York, the UST 10yr yield is at 2.34%. And something to watch; yields in China are rising.
The price of crude oil is noticeably higher today, now just under US$58 / barrel, while the Brent benchmark is just under US$63.
The price of gold is basically unchanged at US$1,283 oz.
However, the Kiwi dollar will start today a little higher again. We are now at 68.6 US¢. And on the cross rates we are at 90.4 AU¢, and against the euro at 58.2 euro cents. That puts the TWI-5 index at 71.5.
If you want to catch up with all the changes yesterday, we have an update here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».