Interest Rates Stay Low, But Australia Also Rises
Mortgage rates are still low, and so are CD rates and savings account rates. In seemingly unrelated but actually quite pertinent news, Australia’s central bank raised interest rates by a quarter point.
This move signals that Australia’s economy is recovering, and it’s time to prevent inflation. Australia’s economy, overall, is looking decent thanks in large part to the great natural resources the country possesses, access to which is highly coveted by China business interests.
As the U.S. economy languishes job-wise, what other countries do fiscally is becoming more important.
U.S. Not the Only Country That Matters, Anymore
Australia’s interest rates make the global news wire for the first time in a long time, and meanwhile, China has led a movement to stop trading oil in U.S. dollars.
Other countries are making moves in the global financial industry. Conservative investors sometimes worry about the increasing involvement of other countries in the banking system, but this may be overlooking an opportunity.
Maybe you’ll like Australia’s way of banking.
Ever Considered a Foreign Bank Account?
Countries that have strong banking system prospects, in other words, may begin to attract interest from conservative U.S. investors looking to protect retirement savings.
Foreign bank accounts may be more common in the future than they are today.
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