Ahead of its meeting next week, the RBA has effectively talked itself into a corner: should it come good on its threats of a rate hike if inflation comes in hotter than expected, or will it choose to maintain its apparent reluctance to push rates even...
There's a curious thing about openness, communication and transparency. The more people talk, the less we seem to know.
Earlier this year, US Federal Reserve boss Jerome Powell was letting out some optimistic hints about multiple rate cuts for 2024. Money markets right now have just a one-in-five chance that the RBA will hike at its next meeting but if the trimmed mean inflation — a price movement reading with some volatile elements stripped out — comes in at 1.1 per cent or more for the quarter, it will come under real pressure to push through another rate increase.Inflation was slow to take off in Australia and now appears to be slow in following other developed countries lower.
Canada cut rates again last week, concerned about its slowing economy and rising unemployment, with the European Central Bank, the Bank of England, the US Federal Reserve and the Reserve Bank of New Zealand all eying cuts. Here at home, immigration and population growth are moderating, which may help stabilise rents and property prices. And our unemployment, while still historically low, is now rising and well above its post-pandemic low.As we witnessed last week, the sudden lurch from Wall Street investors, spooked by another disappointing result from Elon Musk's electric vehicle outfit Tesla, demonstrates just how nervous money managers have become.
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