Latest / The Kākā by Bernard Hickey
Mortgage rates seen high for even longer
TL;DR: Stronger-than-expected US inflation data out overnight is expected to delay the first US Federal Reserve rate cut into the second half of 2024, which in turn would hold mortgage rates here higher for longer, possibly into next year.
Elsewhere, IRD data shows nearly 50,000 beneficiaries of New Zealand Superannuation are being paid $1.1 billion per year in benefits while also earning more than $100,000 per year, or a total of over $5 billion in gross income from jobs, investments and private pensions.
That $1.1 billion in taxpayer funds being paid to rich people compares with the extra…
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