Reserve Bank of Australia Governor Bullock spoke earlier this week, with a hawkish twist that came as a bit of a surprise to markets, Giuseppe had the mic drop moment:
Since her words markets have unwound expectations for a cash rate cut at the November 3-4 meeting somewhat:
- Bullock described the labour market as “a little tight”
- said the Bank did not want to “leap at a single number” (referring to the recent rise in the jobless rate in Australia)
- said a 0.9% q/q rise in trimmed mean inflation in the quarterly CPI data due today (see screenshot) would be a “material miss” against the RBA’s August forecast of 0.6% q/q
That 0.9% Bullock mentioned is vs. the consensus of a 0.8%, with a chunky minority expecting 0.7%. That's still ahead of the RBA's 0.6% forecast.
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- This snapshot from the investingLive economic data calendar.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
