Bernard Hickey details the key news overnight in 90 seconds at 9am, including news from NZIER that the consensus of economists forecasts is for a longer and deeper recession this year before a relatively strong bounce-back next year. The consensus is that GDP will contract 1.6% in the year to March 2010, before rebounding 2.8% in 2010/11. The unemployment rate is expected to rise to 7.2% and then stabilise. Meanwhile Boeing has delayed the first flight of its 787 Dreamliner from later this month because of structural weaknesses where the body meets the wing. Also, there was strong demand from foreign central banks for US$40 billion worth of new 2 year Treasury bonds overnight, which pushed down US bond yields. They are watched closely for indications of longer term interest rates globally, including in New Zealand.
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