The S&P/ASX 200 (ASX: XJO) posted a negative week while US stock markets were mixed as the Nasdaq continues to outperform.
Here are my three key investor takeaways from the week.
RBA goes bank
The Reserve Bank of Australia was on the front foot during the week, delivering a strong message to industry participants on cryptocurrency and the outlook for the global economy.
On the crypto side, a board member warned about speculation in the sector and the threat that a move by global central banks to launch their own digital currencies would have on the value of so-called payment alternatives.
Similarly, the RBA Governor delivered a wide-ranging speech highlighting the key differences between the domestic and overseas economy, why wage growth is set to remain sluggish and continued to reiterate that rates will be going nowhere until at least 2024.
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Infrastructure bill passes
President Biden managed to pass his Build Back Better infrastructure Bill, which will set off a boom in decarbonisation-related infrastructure spending whilst providing important benefits to families.
Hidden in the policy was further regulation on the digital asset sector, but it appears well-timed to support a stuttering economy.
Oil retreat continues, gold keeps rallying
Oil’s retreat continues, with volatility picking up as various countries seek to pressure OPEC+ to increase supply as the commodity acts as a handbrake on the global economy.
On the other hand, gold bullion continues to benefit from the stronger USD and concerns about inflation, moving back toward $2,660 in AUD.
