- Inflation remains far too high
- Consumer and business confidence has fallen rapidly
- Expect further economic weakening in remainder of this year and next year
- Expect economy to slow down substantially over remainder of the year
- Cites weaker global demand and also due to tighter monetary policy
- The post-pandemic rebound in services demand is slowing
- Labour market performed well but somewhat higher unemployment possible as economy slows
- Inflation-shielding should be targeted at the most vulnerable
- Risks to economic outlook clearly on the downside, cites war, supply disruptions and weakening world economy
- Risks to the inflation outlook are primarily on the outside, led by retail energy prices
- A weakening of demand would lower prices pressures
- Bank lending to firms remains robust
- We expect to raise interest rates further
- With this third major hike in a row, we have made substantial progress in withdrawing accommodation
- Future decisions will continue to be data dependent and we stand ready to adjust all instruments
There's nothing surprising here.
