- Did not explicitly consider a rate hike at this meeting
- Format of discussion has changed
- But recent data has not materially affected policy outlook
- Progress on underlying inflation likely remained slow in Q3
- Monthly inflation data is quite volatile (when asked about the data tomorrow)
- Headline CPI could come in within 2% to 3% target band
- But that is not really reflective of underlying inflation pulse
- Disinflation in other major economies is much more advanced than in Australia
- Our policy is also not as restrictive as others, we (rates) didn’t go up as high here
This article was written by Justin Low at www.forexlive.com.
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