It's a phrase you'll hear through almost every boom, any time a financial bubble forms or with the advent of some new market phenomenon.
While welcome, this has been totally unexpected. And it's seen central bankers scrambling to try to nut out just why developed economies aren't reacting to interest rate hikes the way they once did. Essentially a form of money printing, the world's biggest central banks pumped tens of trillions of dollars into the financial system.
The RBA isn't the only central bank in the world that's dealing with the consequences of pumping cash into the economy.If you want to just look at averages, we're richer now than we've ever been. Our household debt levels, at about 197 per cent of income, are also among the highest in the world. Theoretically, that should make us extremely vulnerable to higher interest rates.The Reserve Bank's new deputy governor plays down this week's inflation surprise, saying there is plenty of economic data between now and the bank's next interest rate meeting in August.
"It's good that people are getting jobs. It's good that unemployment is low. If we can keep it that way, that will be great."A higher-than-expected inflation number has dramatically raised the risk that the Reserve Bank will be forced to hike interest rates again as early as August.But the narrow path out of the inflation fight is rapidly turning into a highwire act.