A day of reckoning may still be at hand given the US Federal Reserve faces the task of raising interest rates next year on a scale possibly not seen since the bond market blood bath of 1994.
Share markets have bounced back over the past week but it is still hard to be confident the worst is over.
The pullback in global equity markets of late seems to reflect a combination of seemingly contradictory fears.
With global equity markets on the back foot, and an element of investor panic creeping in, it's worth stepping back and assessing the broader outlook.
Our banks are becoming a bit more like utilities, with limited growth potential but still with an ability to churn out a good return on the assets they deploy.
The Reserve Bank of Australia (RBA) will today unveil its quarterly Financial Stability Review, and is likely to ratchet up its rhetoric against rising house prices.
Great news for Australian investors and the economy is that the Australian dollar finally appears to be re-aligning itself with fundamentals.
The solid growth in investor home lending approvals has again raised questions over whether bubble conditions are forming, and the extent to which to the RBA should be worried.
For starters, it noted the recent weakening in the Chinese property market which it conceded is â€œa challenge in the near termâ€.
Global stock markets these days are looking for any excuse to rally. But some excuses are better than others.
The upward march of Wall Street has many analysts worried that the good times simply canâ€™t last forever. But it is still far from clear the good times canâ€™t last at least a few more years.
Itâ€™s fair to say this weekâ€™s National Australian Bank July business survey was a welcome respite from what was starting to become a drumbeat of negativity surrounding the economy.