Bernard Hickey
speaker
288 appearances
1 recordings
1 series
first heard Jul 2026
last heard 12 Jul
Bernard Hickey’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
And that has flowed through into the mortgage rates that many of us take, particularly the longer term ones.
And that is important.
So sometimes when you see that official cash rate headline, you think, oh, my interest rate is going to go up or down.
Firstly, think, am I on a fixed rate rather than a floating rate?
If it's floating, yeah, probably will move very closely with the OCR.
But if it's a fixed rate, particularly a longer-term fixed rate, what you need to be doing is looking at what, for example, the five-year or the 10-year U.S.
government treasury yield is doing.
My favorite thing in the morning is to get up to see what the U.S.
10-year yield is doing.
That's actually the most liquid-traded, valuable market in the entire world, bigger than any stock market, bigger than any gold market or oil even.
It's the thing that actually matters in financial markets.
Often, when our interest rates move and we go, well, why did that happen?
It's because those longer-term base yields overseas have moved.
Yeah, and certainly in the long run, you really need to take into account things like global inflation and the need of various governments around the world, much bigger than us, as to whether they're borrowing lots of money or whether there's a fiscal problem out there.
You know, the United States is borrowing nearly six to seven percent of GDP and doesn't seem to worry too much about it.
That's because some of the rest of us in the world are effectively paying for it.
It's an exorbitant privilege that the U.S.
has in having the world's default or reserve currency, and that's one of the benefits they get, but it's also one of our costs.
Now, it's good when U.S.
interest rates are incredibly low.
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