Interest Rates

Americans owe a record $1.29 trillion on credit cards, the New York Fed said. After inflation that is below the 2008 peak, and the real cost is a 22.36% rate, about $1,493 a year on the average balance.

Three of nine RBA board members voted to hold on Nov. 3, a month after a unanimous hike. A look at what A$600,000 costs now, what 2026's split votes preceded, and the four data releases before Dec. 8.

For borrowers on variable rates, Thursday's expected Bank Rate rise is a small bill. The larger one belongs to the million-odd households whose cheap five-year fixes are ending.

Federal debt held by the public beat fiscal 2026 GDP by only $9.9 billion, a margin a revision could erase. The interest bill is firmer: $7,803 per household, 19.5% of revenue.

Tuesday's Assembly vote is a gauge, not the cliff: last year's equivalent failed 404 to 1 and the budget still passed. On the government's own forecast, the interest bill runs at about €250 million a day in 2027.

The 2026 economics prize honors the idea that a central bank's promises move today's loan rates. Since the Fed's June meeting, the 30-year mortgage average has climbed 0.93 point while the Fed's own rate rose 0.25.

Oil gets the blame for the highest bond yields since 2002. The Treasury's inflation-protected yields show the market is charging more for money itself, which leaves mortgage rates little room to fall.

The Federal Reserve kept rates steady in Kevin Warsh's first meeting as chair, but its new projections show the median policymaker now expecting a 2026 hike rather than a cut.

Consumer prices rose 2.8% in May, below forecasts, as cheaper food offset costlier air fares, clearing the way for the Bank of England to hold rates.