The Rate Debate
What do you get when you throw a 36-year-fixed-income veteran into the room with a 26-year-old fixed-income millennial? The Rate Debate.
Darren Langer and Jess Ren are seasoned fixed income specialists with a deep passion for bond markets and an opinion on just about everything. And while they may sit facing each other at work, they don’t always see eye-to-eye.
Tune-in each month to hear their take on the RBA’s interest rate decision and other macro matters influencing markets.
Episodes
52 episodes
Ep 52: Uncertain RBA overshadowed by US election
In Episode 52 of The Rate Debate, Co-Head of Fixed Income Darren Langer and Investment Manager Jessica Ren dive into the US election’s potential outcomes, exploring its implications for bond markets, foreign policy, spending, and economic stabi...
•
Episode 52
•
14:52
Ep 51: The rest of the world is changing, so why aren't we?
The big question remains: will Australia follow the Fed’s lead or stick to its current path?In Episode 51 of The Rate Debate, Co-Head of Fixed Income Darren Langer and Investment Manager Jessica Ren unpack the Fed’s recent decision, expl...
•
Episode 51
•
11:14
Ep 50: Australia to be at the back end of a major regime change - but that's not a bad thing for investors
This month, Co-Head of Fixed Income Darren Langer and Investment Manager Jessica Ren celebrate the 50th episode of The Rate Debate. With 50 insightful discussions on the RBA's decisions and their market impacts, from unexpected rate cu...
•
Episode 49
•
18:29
Ep 49: A statement of ifs and buts
Pundits of Australia's economy expect the central bank will maintain its default rhetoric of “vigilance against inflation risks”. However, given the number of “ifs and buts” in its most recent statement, the RBA seems to be less certain of the ...
•
Episode 49
•
10:00
Ep 48: Central bank independence is still alive
The RBA is, and continues to remain an independent central bank, committed to openness, transparency, and accountability. Despite this, perceptions in the Australian market continue to challenge the credibility of its independence.
•
Episode 48
•
10:51
Ep 47: RBA loosens its grip: the end of a tightening era?
The RBA has scrapped any hints of potential further hikes, sparking speculation on whether it will continue to be open on hiking, despite pivoting to a more neutral guidance.In episode 47 of The Rate Debate, co-head of Fixed Income Darr...
•
Episode 47
•
11:08
Ep 46: New regime, same outcome
The RBA may have started its new regime of two-day meetings and press conferences to improve transparency, yet the outcome remained the same as it was when it last met: no change to the cash rate.In the first episode of The Rate Debate f...
•
Episode 46
•
9:04
Ep 45: Is Australia set for a soft or hard landing in 2024?
The RBA has granted a festive reprieve for mortgage holders, keeping interest rates on hold in line with expectations after inflation continued to slow. The year 2023 was characterised by a period dominated by inflation risk, geopolitics and mo...
•
Episode 45
•
13:32
Ep44: Is “funflation” fuelling rising interest rates?
The RBA delivers a Melbourne Cup rate hike to curb persistent inflation. Rising energy and service costs are contributing factors, but the post-pandemic spending spree, favouring experiences over possessions, raises questions about “funflation”...
•
11:43
Ep 43: What’s driving higher bond yields?
September was a tough month for the fixed-rate bond market, but on the flip side, credit spreads narrowed. In this month’s episode of The Rate Debate, Darren is joined by senior credit portfolio manager Phil Strano to give their insigh...
•
18:11
Ep 42: Inflation has peaked
Outgoing Reserve Bank governor Philip Lowe finished his tenure as he began by keeping rates on hold as inflation cools. With inflation past its peak, can we expect rate cuts on the horizon, and could a softening of China's economy ...
•
Episode 42
•
19:59
Ep 41: Uncertainty abounds in the face of economic challenges
Amidst ongoing economic uncertainties, the RBA has seen fit to keep rates on hold for a consecutive month and wait to see how the lagging effects of 12 rate hikes play out.While inflation is decelerating, uncertainty abounds over consum...
•
16:31
Ep 40: The winners and losers
The RBA has paused on hiking rates (for now) creating some big winners and losers. This month Darren is joined by special guest Roy Keenan, Co-Head of Fixed Income, to identify the potential warning signs for lenders, discuss wheth...
•
Episode 40
•
21:07
Ep 39: Monetary policy changing the goalposts
Australia has been delivered another rate hike in an attempt to "quash" inflation. This month Darren debates with special guest Tim Toohey, Head of Macro and Strategy, the risks posed by rising wages and weak productivity growth, and why the RB...
•
Episode 39
•
23:58
Ep 38: Mixed signals from RBA creating market confusion
Hitting the economy with surprise after surprise, the RBA takes another fresh assault to tackle inflation head-on by taking the cash rate to 3.85%. Continued mixed signals from Australia’s central bank are causing havoc within the domestic econ...
•
Episode 38
•
19:04
Ep 37: Did the RBA fuel the fire or douse the flames?
Despite the RBA's massive rate "U-turn" and their insistence that we are in the final stage of the hiking cycle, has it come too late to stop a recession? Chris Rands and Darren Langer examine the factors influencing the market and reveal their...
•
Episode 37
•
14:22
Ep 36: How many times can the RBA say "just one more time"?
After hiking for the tenth consecutive month, the RBA has Australia questioning whether its repeated actions to combat inflation will cause an overshoot and push the nation into recession. From a wage-price spiral, rising unemployme...
•
Episode 36
•
15:04
Ep 35: Is the RBA setting monetary policy in the rear-view mirror?
At its first meeting for 2023, the RBA hiked rates for the ninth consecutive month to urgently tame inflation, telling the market to expect more to come. Given Australia’s inflation levels have lagged the US, is Australia six months behin...
•
Episode 35
•
15:12
Ep34: 2023 predictions on the economy, inflation, and the fixed-rate mortgage cliff
The RBA delivered an eighth-straight rate hike to hit a 10-year high to round out a tumultuous 2022. In the final episode of The Rate Debate for the year, Darren and Chris discuss their thoughts on further tightening next yea...
•
19:12
Ep33: Storm clouds continue to gather in global markets
The RBA hiked rates for the seventh consecutive month as it seeks to stifle inflation. Global central banks continue aggressive monetary tightening despite early signs of moderating inflation and weaker forward growth indicators. With t...
•
17:05
Ep32: Are central banks at risk of blowing up markets?
The RBA hiked rates for the sixth consecutive month. With lead indicators showing signs of inflation coming off the boil and European banks starting to see stress, cracks are forming in the credit and equity markets. Have central banks tightene...
•
20:38
Ep31: No sign of a pause from the RBA as the risk of mortgage stress intensifies
Australia’s central bank has now raised interest rates five months in a row. It’s the most aggressive tightening cycle since 1994. With more hikes expected, and house prices in Sydney and Melbourne on the slide, cracks are starting to appear.&n...
•
18:50
Ep 30: Can the RBA thread the needle?
After hiking for the fourth consecutive month, the RBA’s tone has shifted to suggest a pause at the September meeting is possible, reflecting in part the troubling signals emanating from markets as the US teeters on the brink of recession and c...
•
16:53
Ep29: Leading indicators warn of global recession
Central banks state they are not seeing signs of a recession as they continue hiking rates to curb spiralling inflation. But, with forward indicators flashing red across the board, low consumer confidence, declining forward sales, the US yield ...
•
24:06