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Speaker 1: Annual inflation rises, pushing out the timeline for interest rate cuts.

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Speaker 1: Anglo American ends talks with BHP over at seventy five

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Speaker 1: billion dollar bit and expect the cost of your OJ

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Speaker 1: in the morning to jump with orange juice prices doubling

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Speaker 1: in a year. Welcome to fear and greed. Daily business

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Speaker 1: news for people who make their own decisions. It is Thursday,

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Speaker 1: the thirtieth of May twenty twenty four. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Sean. We'll get to our interview in a moment, because

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Speaker 1: it's all about the main story today. Inflation is no

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Speaker 1: longer falling, suggesting that any cut in interest rates is

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Speaker 1: a long way off.

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Speaker 2: Annual inflation for the twelve months to the end of

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Speaker 2: April stepped up to three point six percent from three

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Speaker 2: and a half percent the previous month. According to this

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Speaker 2: trade impure of statistics, housing costs and fruit and vegetable

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Speaker 2: prices rose the latter due to bad weather. Also, the

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Speaker 2: figure includes the annual increase in health insurance premiums. Other

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Speaker 2: items to jump sharply include postal services, tobacco and sports

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Speaker 2: participation in services. Perhaps most concerning is that the trimmed

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Speaker 2: mean measure, which takes out some of the more volatile

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Speaker 2: items like fruit and veggies, ticked up to four point

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Speaker 2: one percent. While the reading yesterday is monthly and not

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Speaker 2: anywhere near as comprehensive as a quarterly figure, the trend

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Speaker 2: is not the Reserve Bank's freend. In this case, inflation

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Speaker 2: at best is flatlining. Monthly figures are always taken with

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Speaker 2: a degree of caution. However, they do suggest that headline

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Speaker 2: inflation is entrenched around three and a half percent underlying

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Speaker 2: inflation around four percent, both well above the central banks

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Speaker 2: target range of two to three percent. The Central Bank

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Speaker 2: has previously said it doesn't expect to see inflation back

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Speaker 2: in its target range until later next year, but there

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Speaker 2: is no way they'll be happy with the flat lining

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Speaker 2: that's going on now.

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Speaker 1: It always amazes me how specific some of the data

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Speaker 1: is that goes into this in terms of I understand

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Speaker 1: obviously about kind of the increase in health insurance premiums.

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Speaker 1: That's kind of a big ticket kind of thing, but

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Speaker 1: then to get as kind of specific as sports participation

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Speaker 1: and postal services and things, to actually see notice the

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Speaker 1: price rises in there, and to kind of feed all

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Speaker 1: of that in to this overall number.

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Speaker 2: Yeah, it's pretty incredible, great detail.

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Speaker 1: What does all that detail mean though, I mean really

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Speaker 1: back to self interest? Hreh on what does it mean

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Speaker 1: for interest rates?

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Speaker 2: Those wanting a rate cut this year are probably disappointed

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Speaker 2: This morning. The Reserve Bank minutes of its last board

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Speaker 2: meeting show that the Central Bank discussed lifting rates, and

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Speaker 2: yesterday's number would have added some vigor to that discussion

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Speaker 2: if it had come out ahead of that meeting, as

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Speaker 2: I mentioned. Yes, So the X factor in all this

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Speaker 2: is the Stage three tax cuts. People will have more

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Speaker 2: take home pay in a month's time, and it's unclear

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Speaker 2: what they're going to do with it. If they rush

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Speaker 2: out and spend it all rather than paying down debt

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Speaker 2: or saving, it will definitely be inflationary and that will

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Speaker 2: keep interest rates higher for longer. In any case, with inflation,

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Speaker 2: or at least the monthly inflation reading coming into three

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Speaker 2: point six percent, there is no way the Reserve Bank

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Speaker 2: will cut rates for some time. In fact, most economists

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Speaker 2: are now thinking about early next year as when the

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Speaker 2: Reserve Bank will next move on rates, and most of them,

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Speaker 2: not all of them, most of them are saying it

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Speaker 2: will be down.

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Speaker 1: You know who has a good take on this one, Sean.

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Speaker 2: Well, Hirelle Murphy, I would say from me why.

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Speaker 1: You are exactly right? Coincidentally, Charrell Murphy, Chief Economists at

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Speaker 1: E why is your guest today for the Fear and

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Speaker 1: Great Daily Interview? Stick around after the show because you

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Speaker 1: get stuck into this whole big question of what's going

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Speaker 1: to happen to interest rates?

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Speaker 2: Yeah, sure, do definitely check out the interview. Charelle a

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Speaker 2: former Reserve banker herself very tapped into what's going to happen,

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Speaker 2: so it's well worth listen.

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Speaker 1: Yeah, it certainly is. It's coming up after the show,

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Speaker 1: so stick around for that one. Local markets, Sean, how

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Speaker 1: do they perform? Yesterday?

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Speaker 2: Fflation figures did little for the market, with the S

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Speaker 2: and PAX two hundred closing down one point three percent

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Speaker 2: to seven six hundred and sixty six points, its the

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Speaker 2: lowest close in three weeks. The inflation figures didn't help,

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Speaker 2: but actually the market was much lower ahead of the

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Speaker 2: eleven thirty am announcement that was pretty much on the

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Speaker 2: back of a new talk of interest rates staying higher

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Speaker 2: for longer in the US. Wasn't much like on the

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Speaker 2: ax yesterday, Michael all eleven sub industries fell. Around three

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Speaker 2: quarters of all stocks ended lower, and those sub indices

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Speaker 2: fell by quite a bit. Consumer Staples was down more

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Speaker 2: than two percent. The best of the sub indices was tech,

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Speaker 2: it was down half a percent. Among the large caps,

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Speaker 2: four toes qu Metals fell more than three and a

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Speaker 2: half percent. Rio Tinto dropped about one and a half

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Speaker 2: percent after the price of iron ore came off. All

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Speaker 2: the banks were lower, with Westpac and A and Z

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Speaker 2: off more than two percent. Telstra was down one point

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Speaker 2: seven percent, and Aristocrat Leisure dropped nearly three percent. A

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Speaker 2: bit of corporate news around Michael News Corp unveiled a

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Speaker 2: major restructure, leaving the group with three publishing units and

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Speaker 2: a sales unit to find sixty five million dollars in

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Speaker 2: savings this and next financial years. Healthcare company Fisher and

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Speaker 2: Papal expects net profit after tax in fiscal twenty twenty

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Speaker 2: five to bounce back after a disappointing twenty twenty four

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Speaker 2: due to three abnormal items. Its share price was up

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Speaker 2: more than four percent yesterday, the best of the top

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Speaker 2: two hundred. The worst was New in Pharmaceuticals. It tumbled

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Speaker 2: nine percent. Now, remember a week ago it came out

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Speaker 2: said good phase two trials for its Pitt Hopkins drug. Well,

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Speaker 2: all those gains from last week have now been retraced.

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Speaker 1: Okay, so a big day locally. What about international markets?

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Speaker 2: The International Monetary Fund came out and said it expects

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Speaker 2: China's economy to grow five percent this year. I think

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Speaker 2: its forecast from four point six percent. That reflects a

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Speaker 2: solid start to twenty twenty four and more promised support

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Speaker 2: from Beijing. Now, China's targeting growth of around five percent.

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Speaker 2: In the March court of the pace of growth was

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Speaker 2: running at about a five point three percent level. That

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Speaker 2: should really be good news for the global economy, and

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Speaker 2: particularly for Australia since I by so much of the

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Speaker 2: stuff we dig out of the ground. I've got to

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Speaker 2: say most investors right now are focused on US inflation

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Speaker 2: figures you out in the next forty eight hours. Ahead

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Speaker 2: of that data, the mood turned a bit sour on

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Speaker 2: Wall Street. That means that people think that rates in

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Speaker 2: the US may stay higher for longer. I mean, it's

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Speaker 2: a guessing game changes every week really Anyway, Investors push

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Speaker 2: the US dollar higher as a result, and the Aussie

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Speaker 2: dollar lower on the belief that those rates will stay higher.

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Speaker 2: In the United States, gold prices also rose. Oil prices

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Speaker 2: jumped on the back of a flare up intensions in

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Speaker 2: the Middle East. There was a vessel attack in the

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Speaker 2: Red Sea. Of course, we've also had Israeli tanks reaching

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Speaker 2: the center of Raffa.

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Speaker 1: All right, we'll be back in a moment with the

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Speaker 1: rest of the day's business news. Sean BHP and Anglo

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Speaker 1: American have failed to reach agreement over the terms of

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Speaker 1: a seventy five billion dollar takeover offer, with the structure

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Speaker 1: of the deal really the sticking point here. BHP asked

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Speaker 1: for more time, but Anglo rejected the request, meaning no

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Speaker 1: deal for at least six months. That's right, Michael. Last week,

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Speaker 1: Anglo American rejected BHP's third offer, but granted the Big

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Speaker 1: Australian another seven days to negotiate after being pressured by

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Speaker 1: some of its largest shareholders. That deadline was two am

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Speaker 1: this morning, and under the UK's put up or shut

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Speaker 1: up laws, BHP had to announce a firm intention to

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Speaker 1: make an offer or announce that it didn't intend to

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Speaker 1: make an offer. Hours before the deadline, BHP had requested

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Speaker 1: another week extension. A couple of hours later, Anglo Americans

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Speaker 1: said no. It said BHP hadn't addressed fundamental concerns over

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Speaker 1: the previous week, so it wasn't going to extend that deadline.

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Speaker 1: BHP effectively had six hours to make a bid that

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Speaker 1: didn't happen. The sticking point was BHP's insistence that Anglo

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Speaker 1: sell two of its South African assets before the deal

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Speaker 1: went ahead. The prize in all of this for BHP

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Speaker 1: was supposed to be copper. A successful bid would have

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Speaker 1: made BHP the biggest copper producer in the world. Now

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Speaker 1: BHP must wait six months before bidding again, and that

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Speaker 1: leaves the door open for another bidder, maybe someone like

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Speaker 1: Rio Tinto.

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Speaker 2: They could well emerge. Very interesting corporate maneuvering. Over the

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Speaker 2: past twenty four hours or so.

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Speaker 1: Michael, there has been so much theater and so much

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Speaker 1: drama with all of this, and now Sean, you are

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Speaker 1: dangling this in front of us, the fact that there

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Speaker 1: could be another suitor here, say Rio Tinto just sneakily

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Speaker 1: coming out going BHP, You're frozen out for six months.

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Speaker 1: Now it's our turn.

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Speaker 2: Well, what this has, this process has done is showed

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Speaker 2: the price that Anglo American shareholders are prepared to pay

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Speaker 2: because the price was okay. And the sticking point is

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Speaker 2: the structure. So these assets in South Africa, so a

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Speaker 2: new bidder knows exactly what they have to pay and

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Speaker 2: what they have to do to get Anglo American. So

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Speaker 2: there is the potential here that BHP has done the

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Speaker 2: work for another third party to come over the top.

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Speaker 1: That is amazing. Do you remember that TV show deal

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Speaker 1: or no deal? Ah?

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Speaker 2: Here we go, yes, no, this is big, possibly the

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Speaker 2: biggest deal every in the ASEX And we're on the

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Speaker 2: deal and they deal. Yes, I do remember it.

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Speaker 1: Oh, tremendous theater. And it feels like this is what

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Speaker 1: we're in right now, except instead of kind of one

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Speaker 1: thousand dollars in the briefcase or kind of a dollar

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Speaker 1: in the briefcase, we're dealing with seventy five billion dollars

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Speaker 1: in the potential to be the biggest copper producer in

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Speaker 1: the world. The stakes are slightly higher.

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Speaker 2: Yeah, slightly higher.

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Speaker 1: This is an amazing story. Anyway, We'll see how this

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Speaker 1: plays out. Sean Federal Treasurer Jim Chalmers is decidedly cool

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Speaker 1: on Industry Minister Ed Husick's calls for a lower corporate

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Speaker 1: tax rate, saying the government is already doing enough to

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Speaker 1: encourage investment.

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Speaker 2: Now, mister hughsat called for a lower corporate tax rate,

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Speaker 2: either by cutting it or through using other incentives such

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Speaker 2: as an investment allowance. It's a significant shift in policy

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Speaker 2: if it is one, because in opposition, labor generally fought

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Speaker 2: against lower taxes for companies. Yesterday, when asked about the comments,

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Speaker 2: Doctor Chalmers said production tax credits for critical minerals, refining

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Speaker 2: and hydrogen production introducing the May budget are an example

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Speaker 2: of the governm using the tax system to encourage investment.

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Speaker 2: And that's it, he said, no more, clearly not interested

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Speaker 2: in lowing the corporate tax train.

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Speaker 1: Can you imagine the phone call sort of been happening

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Speaker 1: behind the scenes, Ed.

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Speaker 2: Ed, Ed, what have you said? Ah, Ed, I thought

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Speaker 2: we talked about this.

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Speaker 1: Pull your head in, Ed, Yeah, that kind of thing.

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Speaker 1: Head in, Ed go on, Sean, moving on but still

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Speaker 1: staying in politics.

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Speaker 2: Really.

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Speaker 1: Prime Minister Anthony Abenezi says the government will reissue a

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Speaker 1: revised order to replace Direction ninety nine to ensure that

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Speaker 1: the protection of the community outweighs any other consideration.

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Speaker 2: Yeah, so it comes after the order allowed non citizen

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Speaker 2: criminals to remain in the country. Direction ninety nine says

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Speaker 2: significant weight must be given to a person's ties to Australia,

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Speaker 2: so in New Zealander, for example, who's lived most of

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Speaker 2: their life in Australia might be allowed to stay even

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Speaker 2: if they're a criminal. The government has come under fire

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Speaker 2: for that, particularly Immigration Minister Andrew Vigiles, someone who the

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Speaker 2: Prime Minister Anthony Obe easy Start supported yesterday. The government's

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Speaker 2: also abolished the Administrative Appeals Tribunal, which has been following

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Speaker 2: Direction ninety nine when releasing criminals into the community. So

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Speaker 2: the tribunal has done the right thing, but that's now

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Speaker 2: been abolished. The Direction ninety nine has been rewaited, so

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Speaker 2: it's not about the person's ties to Australia. The community

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Speaker 2: protection outweighs all other considerations.

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Speaker 1: And also in politics, slightly more positive one this one Sewan.

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Speaker 1: The Governor General designate Sam Mostyon was due to meet

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Speaker 1: King Charles overnight and.

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Speaker 2: As Moston becomes the Monarch's representative of one July and

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Speaker 2: head of that was expected in Buckingham Palace. I have

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Speaker 2: a night. Apparently outgoing Governor General David Hurley will have

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Speaker 2: one last meeting with the King in July. I never

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Speaker 2: wanted to. I mean, I didn't really think about meeting

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Speaker 2: Queen Elizabeth the second. I'm sure it would have been

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Speaker 2: a wonderful experience. I would love to meet King Charles

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Speaker 2: the third.

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Speaker 1: Would you really?

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Speaker 2: Yeah? He's like our wacky king, and I just think

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Speaker 2: that's fantastic if I I want a king that is

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Speaker 2: not vanilla, and he is not vanilla.

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Speaker 1: You know what it feels like if you were meeting

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Speaker 1: the late Queen you could kind of say all kinds

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Speaker 1: of things and she just wouldn't give you anything. She'd

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Speaker 1: just be like, oh, yes, that's nice, that kind of thing.

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Speaker 1: If you were to say something to King Charles, he'll

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Speaker 1: tell you exactly what he thinks.

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Speaker 2: So I've told you the story of Sean Turnell, who

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Speaker 2: a friend of mine, who was in Mienmar and in

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Speaker 2: jail there for five hundred days or something or other,

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Speaker 2: and he was let out last year. He went and

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Speaker 2: met King Charles asked to meet him, so he flew

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Speaker 2: over to Buckingham Palace and he said it was a

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Speaker 2: really nice fella. He said, he just very very candid

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Speaker 2: in what he said.

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Speaker 1: That is great. I can see why you might want

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Speaker 1: to meet him, because that would actually be again plenty

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Speaker 1: of theater.

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Speaker 2: Sure. Yes, Now I'd like to say Seorandon actually told

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Speaker 2: me too much what he actually said, because there's a

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Speaker 2: certain protocol around that, of course, but just enough.

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Speaker 1: To know that you want to try and get a

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Speaker 1: meeting if you can.

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Speaker 2: I'm hoping fingers crossed all right now.

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Speaker 1: Lend Lease has struck a deer to sell its US

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Speaker 1: construction business. Three days after unveiling a four point five

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Speaker 1: billion dollar plan to pull back from its offshore operations

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Speaker 1: to focus on Australia instead.

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Speaker 2: It has agreed terms with a major US construction firm,

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Speaker 2: Consigli Construction, for the sale of its US East Coast

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Speaker 2: construction operations. Under the terms of the deal, Consigli will

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Speaker 2: acquire around forty five current under contract and pre construction projects.

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Speaker 2: As part of the sale. The majority of len Lease's

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Speaker 2: US construction workforce will transition to that company, Consigli. Then

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Speaker 2: Lease isn't disclosing the value of the deal, but it

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Speaker 2: has previously said it expects to write down one and

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Speaker 2: a half billion dollars across all its operations internationally as

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Speaker 2: it divests that business. Lenless's share price closed down two

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Speaker 2: point four percent yesterday.

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Speaker 1: Finally, Sean, before we get to international news, how about

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Speaker 1: this one insurance group IAG allegedly hit loyal customers with

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Speaker 1: higher prices via a pricing algorithm, according to claims that

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Speaker 1: have been filed by class action legal firm Slater and Gordon.

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Speaker 2: Slater and Gordon have claimed IAG engaged in unfair tactics

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Speaker 2: and misleading conduct in selling home insurance policies. Now IAG

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Speaker 2: totally refutes the allegations, so they haven't been tested. The

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Speaker 2: lawsuit alleges that IAG's algorithm modeling estimated the likelihood of

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Speaker 2: existing customers renewing and the price at which they would

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Speaker 2: probably accept an offer. According to the financial review, it

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Speaker 2: incorporated how long customers had held policies and how many

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Speaker 2: policies they had. According to the lawsuit, some customers were

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Speaker 2: then hit with a loyalty uplift in pricing that was

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Speaker 2: greater than any subsequent loyalty discount. The claim mimics earlier

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Speaker 2: action from the Australians Securities and Investments Commission against IAG

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Speaker 2: on exactly the same issue. IG is also battling a

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Speaker 2: shareholder class action about disclosure of COVID nineteen related problems

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Speaker 2: with business insurance. It's got a fair bit going on

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Speaker 2: that company.

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Speaker 1: It certainly does. Toyota has unveiled plans for a new

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Speaker 1: generation of internal combustion engines, betting on a continued need

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Speaker 1: for older technologies even as car buyers shift towards electric

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Speaker 1: vehicle makers.

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Speaker 2: In a very rare joint appearance, the heads of Toyota, Mazda,

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Speaker 2: and Subaru pledged to continue investing in fuel based technology,

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Speaker 2: a move that would also benefit hundreds of suppliers struggling

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Speaker 2: with the shift to electric vehicles. According to The Financial Times,

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Speaker 2: Toyata's chief executive Coagy Sato said that engines are designed

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Speaker 2: to be used alongside batteries in hybrid vehicles. Tiata's commitment

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Speaker 2: to internal combustion engine technology comes as sales of fully

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Speaker 2: electric vehicles have slowed due to concerns about costs and

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Speaker 2: insufficient charging networks. That's led to a boom in demand

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Speaker 2: for hybrids, of which, particularly in Australia here Toyota is

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Speaker 2: the market leader. Toyota said earlier in the week its

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Speaker 2: new engines should go into production around the time that

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Speaker 2: updated EU emission regulations is due to be phased in

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Speaker 2: from the end of twenty twenty six, so that's the

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Speaker 2: other overrowing lots of regulation change in Europe and to

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Speaker 2: some extent in North America, so these engines need to

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Speaker 2: fit into that regulatory change. But once again it's a

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Speaker 2: sign that the car makers reckoned. The future is hybrid

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Speaker 2: more so than electric.

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Speaker 1: This is very much aligned with what we were talking

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Speaker 1: to Trent Nikolic from Drive dot com dot Au a

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Speaker 1: couple of weeks ago. Great interview. Definitely worth going back

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Speaker 1: and having a listen to that one because at the

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Speaker 1: time that you spoke to him, he was doing a

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Speaker 1: lap of the map who was heading around Australia in

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Speaker 1: an ev just basically to almost prove the point that

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Speaker 1: really we are not equipped for this and maybe the

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Speaker 1: future is in fact hybrid's at least for now.

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Speaker 2: I'm sold.

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Speaker 1: Yeah, it was a really good interview. I might put

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Speaker 1: a link in today's show notes as well. Sean. Last

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Speaker 1: week we talked about fears of an outbreak of bird

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Speaker 1: flu after one case in a human and one in

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Speaker 1: a chicken was discovered in Australia. Now in Iowa in

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Speaker 1: the US, the deadly bird flu was detected in an

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Speaker 1: egg laying chicken flock, affecting four point two million birds.

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Speaker 2: Yeah, it's the biggest outbreak since twenty twenty two. Iowa

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Speaker 2: is the largest egg producer in the US, nearly twelve

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Speaker 2: per cent of the cut trees egg laying hens there,

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Speaker 2: according to the US Department of Agriculture. In the last

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Speaker 2: large scale outbreak, which was March twenty twenty two, it

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Speaker 2: affected five million birds directly, but it actually resulted in

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Speaker 2: the slaughter of tens of millions of birds and also

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Speaker 2: a surge in the price of eggs. That's a worry.

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Speaker 2: The virus is now mirthed to dairy cattle, according to Bloomberg.

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Speaker 2: That's prompted dairy farmers in the US to seek compensation

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Speaker 2: for milk losses. So far, Australia is the only continent

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Speaker 2: that hasn't really been affected by an outbreak of bird flu,

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Speaker 2: even though we've had spreadic cases. We need to keep

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Speaker 2: it that way.

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Speaker 1: Finally, Sean I mentioned this one at the top of

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Speaker 1: the show. There is a crisis in the world of oranges,

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Speaker 1: with juice prices hitting record highs driven by bad weather

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Speaker 1: and disease in Brazil, which is the world's largest ex water.

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Speaker 2: It is so bad, Michael. The manufacturers are looking at

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Speaker 2: using mandarins to make orange juice. Do you remember that?

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Speaker 2: Do you remember the Great Crisis? I think it was McDonald's,

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Speaker 2: but it could have been KFC.

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Speaker 1: It was KFC. I know where you're going with this.

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Speaker 2: And they decided because the iceberg letters price had gone

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Speaker 2: through the roof because of the floods up north in Queensland,

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Speaker 2: and they decided to use cabbage instead.

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Speaker 1: That's right, Yeah, I think letters hit ten dollars each

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Speaker 1: and KFC and others just said, no, I can't do this,

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Speaker 1: We'll replace it with cabbage and no one will notice.

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Speaker 1: Do you reckon? Do you reckon, Sean? Anyone will notice

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Speaker 1: if you swap out oranges formandarins.

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Speaker 2: Nah, Nah, I don't. I actually don't like orange juice.

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Speaker 2: Oh my god.

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Speaker 1: Every day I find out about a new well thing

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Speaker 1: that you don't like.

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Speaker 2: To be honest, Jackie was listening to the show yesterday morning.

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Speaker 2: She rang me on our way to work and said,

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Speaker 2: you said you don't like chocolate. That's a lie. You're fibbing.

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Speaker 2: I'm like, oh, dark chocolate. You were busted. I was busted.

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Speaker 1: Someone, so orange juice if they wp it for mandarin

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Speaker 1: becomes mandarin juice, you're not going to care.

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Speaker 2: I couldn't give two hoods.

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Speaker 1: Well, I'll tell you what. It will not fly in

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Speaker 1: our household.

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Speaker 2: Well, orange juice futures, basically there allow industry players to

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Speaker 2: ensure against swings in prices. Futures the cost of that

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Speaker 2: insurance effectively have been rising since the end of twenty

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Speaker 2: twenty two. There's a hurricane and a coal snap devastated

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Speaker 2: acres of orange grows in Florida, which is the main

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Speaker 2: growing region in the US. The US is the second

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Speaker 2: biggest produce of orange juice. The rally has accelerated this

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Speaker 2: month as the prospect of a dismal harvest in Brazil

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Speaker 2: has panicked the market. According to the FT and Brazil

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Speaker 2: exports about eighty percent of the orange juice market. That's

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Speaker 2: different to the orange market, so we just have to

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Speaker 2: make that distinction eighty percent of the aj market. There

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Speaker 2: you go. Orange futures are currently twice the price of

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Speaker 2: a year ago. See.

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Speaker 1: I find this very interesting, and I feel like I

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Speaker 1: can't buy it a lot. But it also feels as

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Speaker 1: though your heart's not in it because you've declared that

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Speaker 1: you hate orange, so now you're just kind of.

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Speaker 2: Yeah, but I but I by the you know, I

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Speaker 2: do the groceries. Oh that's right. We have eight people

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Speaker 2: in this house.

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Speaker 1: Gollye Okay, all right, maybe it will affect you. Okay,

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Speaker 1: all that's forgiven, Sean. Up next is the Fear and

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Speaker 1: Greed Daily Interview. You were speaking today with Charelle Murphy,

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Speaker 1: chief economist at e Y.

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Speaker 2: I sure am all about yesterday's inflation figures and what

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Speaker 2: it means for interest rates. News ain't good, guys.

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Speaker 1: It's a very interesting interview. Charrell is a great communicator.

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Speaker 1: Up next in the Fear and Greed playlist on your

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Speaker 1: podcast platform or at Fearangreed dot com dot au, which

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Speaker 1: Sean is also where you can sign up for the

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Speaker 1: Fear and Greed weekly newsletter, which went down very very

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Speaker 1: well yesterday when it came out, and full of your

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Speaker 1: opinions and some really quite spicy takes on a few

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Speaker 1: different topics.

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Speaker 2: I must say I've changed my mind on the Reserve Bank.

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Speaker 2: I've always been a great supporter of the Reserve Bank.

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Speaker 2: I worked there, and I think they've done an amazing

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Speaker 2: job over a long time. I just starting to shift

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Speaker 2: a bit on that one.

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Speaker 1: Yeah, you really got stuck in. It was great. So

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Speaker 1: make sure you sign up now for next week. And

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Speaker 1: so when Sean kind of rips into another institution, you

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Speaker 1: hear it first. Thank you very much, Sean.

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Speaker 2: Thank you. Michael.

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Speaker 1: It's Thursday, the thirtieth of May twenty twenty four. Make

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00:21:10,200 --> 00:21:12,399
Speaker 1: sure you following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson.

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Speaker 1: And that was Fear and Greed. Have a great day.