Is Guy Debelle right?

The warnings from the Reserve Bank's assistant governor may have spooked some investors, but are they justified?

Guy Debelle’s speech yesterday was a glass of water in the face, a bell sounding down a quiet street, a brimstone sermon to scare the crap out of a happy clapping congregation.

Debelle is assistant governor (financial markets) of the Reserve Bank of Australia – a central banker no less – but gosh it was an unusual speech for a central banker. For that reason it can’t be ignored.

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