ONLY CHARTS #206

Central bank policy rates, China trade, Cross-country retail trade, US productivity & ULCs, US labour share of income

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1. The Fed (-25bps), Bank of England (-25bps) and Riksbank (-50bps) all cut policy rates overnight.

But, in echoes of the RBA, Norges Bank held firm at 4.50% and doesn’t expect to ease this year:

2. The relative labour productivity performance of the United States vis-a-vis Australia started to diverge in the early 2000s when the commodities boom hit Australia.

While Australia’s labour productivity growth has been subpar, the benefits of the commodity price boom have lifted real income per capita by more than in the United States over the past ~20 years (this isn’t to say that it has been distributed evenly or fairly).