3 interest rate rises in 2022 – you’re kidding?

Inflation has risen faster than expected, leaving some experts to predict three interest rate rises next year. This flies in the face of the Reserve Bank’s continual prediction that it won’t raise interest rates until 2024. Yesterday’s core inflation number of 0.7% surprised economists, and now many are predicting interest rates could easily rise next year and definitely in 2023!

China fires warning shot at US

Just weeks after an amicable video summit between US President Joe Biden and Chinese leader Xi Jinping, China has warned that ties between the two nations face “huge risks” after the latest rhetoric from the US over Taiwan. Chinese Foreign Ministry spokesman Zhao Lijian asserts US Secretary of State Antony Blinken’s call for greater participation by Taiwan in UN organizations violated the “one China” understanding between Beijing and Washington. “Blinken’s comments come after Biden said last week the U.S. was committed to defending Taiwan from a Chinese attack,” Bloomberg reports.

It’s up, up and away!

Travel-hungry Aussies desperate to go overseas will soon see quarantine-free travel before we can fly to Brisbane and Perth! The Australian reports that “in a bizarre scenario, the world is reopening to Australia at the same time as some parts of the country remain closed off to their own”. Queensland will remain closed to Victorians and NSW residents until December 17, while WA could be closed until Easter. However, on Monday, double-jabbed travelling Sydneysiders can fly to London and the same for Melburnians from November 8.

ASX to fall as commodities pull back

Despite strong rallies from the tech sector in the US, energy led eight of the S&P 500’s industry sectors lower in late trade, with oil prices falling also. ASX futures were down 39 points or 0.5% to 7381 near 7am AEDT, however, the AUD rose 0.2%. The yield on the US 10-year Treasury note was 7 basis points lower to 1.54%.

Court case: not enough strawberries in a pop tart

From the weird world of money and a US woman is suing Kellogg for a lack of strawberries in her Pop-Tarts! The New Yorker is seeking $6.7 million from Kellogg, accusing the cereal maker of misleading customers into thinking its strawberry Pop-Tarts contain more strawberries than they actually do. The SMH says this is just another lawsuit against the Big Food companies in the US accused of making their products sound more healthy.