- Inflation is still too high
- We may need to consider rate hikes
- Core inflation is elevated, it's not just an energy story
- Will go into meeting with an open mind, won't prejudge outcomes
- Sees a broad based story for high inflation
- Core services inflation has been high
- There is concern about what high rates could do to the economy more broadly
- It's important that central banks are transparent about the reaction function
Oil coming down has cooled the talk about high inflation but there's also a growth story that's not quite appreciated for the market as there are cyclical forces helping in transport, industry, construction and perhaps housing.
