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As Mott points out, “in the previous cycle, households tended to default for three reasons: unemployment; family disorders or health problems”. But this cycle is likely to look very different, with unemployment unlikely to rise from historical lows. Instead, what worries Mott is the speed with which interest rates are rising, and how fast housing debt has accumulated in recent years. The inflation/tariff story is well known; Expectations for a 0.5 percent rate hike on Tuesday will bring rates to 1.85 percent, from just 0.35 percent in May, and ANZ expects rates to hit 3.35 percent by the end of the year. Warning from history But Mott also provides some interesting historical context for how debt has accumulated, looking at the last 10 housing cycles to study the potential impact of rising interest rates on credit growth. Particularly striking is the magnitude of the growth in mortgage commitments in the two years prior to this housing decline; The 70.1 percent increase in housing c...

Furthermore, only 1.9 percent of its loans have a debt-to-income ratio of six times, while Baum estimates these highly leveraged mortgages have accounted for a quarter of the major banks’ new mortgages in recent years. As interest rates rose sharply, it was these newer borrowers that Baum was most concerned about. “We’re going to see potentially disastrous outcomes on a human level on a scale I think most Australians have forgotten about, because we haven’t had a recession for 30 years,” he said from Tic:Toc’s headquarters in Adelaide. “We should have been more responsible five years ago. Because guess what? We will get a 10 percent increase, not a 25 percent increase in house prices. And the downside that we are now navigating will be much more manageable.” Baum said years of gradual easing of lending rules had allowed household debt to build up, giving policymakers and central banks limited flexibility as they tried to steer the economy through a...

Across Europe, signs of distress multiply as Russia’s war in Ukraine drags on: Food banks in Italy feed more people, German officials turn off air conditioning as they prepare plans to ration natural gas and restart coal plants. Key points: Just as Europe is recovering from the pandemic, its economic future looks uncertain as Russia’s war in Ukraine continues Meanwhile, high energy costs, fueled by the war, benefited the Kremlin and kept the ruble But in the long run, economists say, Russia will pay a heavy price for its war A giant utility is asking for a taxpayer bailout, and more to come. Dairy companies wonder how they are going to pasteurize milk. The euro has slumped to a 20-year low against the dollar, and recession predictions are on the rise. Those pressure points are signs of how the conflict — and the fact that the Kremlin is gradually suffocating the natural gas that keeps industry humming — is provoking an energy crisis in Europe and increasing the likelihood ...

Rio appears to be doing a pretty good job of controlling those costs, and there are new opportunities in terms of improving operational efficiency, including the first ore from the vital new Gudai-Darri mine. But it’s hard to shake off concerns that Australia’s big iron ore miners are facing worrying pressure, with falling demand and rising costs conspiring to stifle profitability. That’s important for investors – Rio’s shares fell 2.6 percent on Friday, picking up losses since their recent peak last month to 21 percent, while BHP fell 24 percent over the same period – but also for Australia’s state and federal governments, for which royalties and strong iron ore taxes have been a boon over the last few years. The supply side is not an issue here, given that large iron ore miners have strong cost discipline and keep volumes under control. But the demand picture is deteriorating as China’s economy continues to suffer. China’s economy is treading...

Source/Disclosure Disclosure: Clauw’s report testifies in a state lawsuit against opioid manufacturers for their role in the opioid overdose crisis. ADD TOPIC TO EMAIL ALERTS Receive emails when new articles are posted on Please provide your email address to receive emails when new articles are posted on . ” data-action=”subscribe”> Subscribe We were unable to process your request. Please try again later. If you continue to experience this problem, please contact customerservice@slakinc.com. Back to Healio Central sensitization may be an important underlying factor complicating the treatment of chronic pain and opioid use disorders, write the researchers in PAIN Report. Orman Trent Hall, DO an osteopathic physician and addiction psychiatrist at Ohio State University’s Wexner Medical Center, and colleagues...

There are 70 kilometers left of the Tour’s first major mountain stage. A TV camera was attached to Ben O’Connor, who pedaled gently beside the team car, clearly feeling the effects of the bad luck he had endured since the Tour de France began. He was offered a bidon and some food, but O’Connor focused on communicating something about his hips by shaking his head a lot and shoulders drooping. He looked like a rider about to leave him, but moments later, we were back in Australia, still on his bike as he gestured angrily to ditch the TV motto. He went on to finish the stage focusing on transferring to his teammates, and just 24 hours later, O’Connor’s Tour de France ended. Professional cyclists are a rare breed – that’s what we believe, and rightly so. These men and women experience excruciating and persistent pain, through road rashes, dislocated shoulders and even occasionally (not recommended) fractures. On the Tour de France so far we’ve w...

You’re here: 11 July 2022 Researchers from the School’s Center for Cardiac Research and Education in Therapeutics (CCRET) have built a challenging work of more than 50 years of medical practice on the use of opioids to treat people with myocardial ischemic pain – pain caused by blood clots. supply to the heart. Severe blockage can lead to a heart attack, heart failure, and abnormal heart rhythms. Opioids are often used by doctors and paramedics to relieve pain pressure with the longstanding belief that it leads to better outcomes. However, recent studies have raised concerns regarding the potential interaction between opioids and an anti-platelet drug called P2Y. oral 12 inhibitors, the cornerstone of therapy in managing heart attacks thanks to its anti-clotting action which reduces the risk of death. It is thought that opioids can act in two ways: first by sl...

The question of how to avoid breast pain while running is a common one. While many of us love the physical and mental health benefits that come with running, the breast pain that comes with it is something we can all live without. Breast pain (also called mastalgia) while running isn’t all that surprising when you consider how much — and in how much direction — they move during exercise. “Breast pain while running is linked to breast displacement, so it’s not just an up-and-down movement, but also side-to-side and back-to-back motion,” says Michelle Norris, senior research fellow in the department of exercise and exercise science at the University of Portsmouth in the UK. In fact, the University’s Research Group in Breast Health found that the breasts can move an average of 10cm in three different directions during a run. That’s where the best sports bras for running are (opens in a new tab) can help, especially as a study conducted by the Univer...

image: Sound reduces pain in mice by decreasing the activity of neurons in the brain’s auditory cortex (green and magenta) that project to the thalamus. see again Credit: Wenjie Zhou An international team of scientists have identified a neural mechanism through which sound dulls pain in mice. The findings, which could inform the development of safer methods for treating pain, are published in Science . The study was led by researchers at the National Institute of Dental and Craniofacial Research (NIDCR); China University of Science and Technology, Hefei; and Anhui Medical University, Hefei, China. NIDCR is part of the National Institutes of Health. “We needed more effective methods to manage acute and chronic pain, and that started with gaining a better understanding of the basic neural processes that regulate pain,” said NIDCR Director Rena D’Souza, DDS, Ph.D. “By uncovering the circuits that mediate the pa...

Opioids are the gold standard for the treatment of chronic and acute pain; however, their use can cause significant gastrointestinal side effects, including nausea, vomiting, and constipation. The reasons behind these side effects are not well understood. A new study in American Journal of Pathology published by Elsevier, is the first report on how opioids such as morphine cause stomach inflammation and how this condition can be reversed through treatment with proton pump inhibitor drugs such as omeprazole, an over-the-counter drug commonly used to reduce stomach acid. Due to the lack of better alternatives, morphine is still considered one of the best pain management drugs despite its association with significant comorbidities. Several research groups, including our own, have worked for a long time to understand this phenomenon and to decipher the mechanisms underlying the gastrointestinal side effects of morphine.” Sabita Roy, PhD, Principal Investigator, Department of Surge...