RBA governor Bullock: We did not discuss a rate cut at this meeting, only a rate hike or to hold
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Sees upside risks to inflation Expects a period of subdued economic growth will be required to bring inflation down Ready to raise cash rate again if needed Not ruling out further rate hikes, need more information The board discussed raising the cash rate today Did not discuss a
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4 itemsRBA governor Bullock: We expect inflation to increase further in the near-term
RBA governor Bullock: We must get on top of inflation now before it gets away from us
The desk interprets RBA Governor Bullock's recent comments as a clear signal that the central bank is prioritizing inflation control amidst external shocks. Per the full note [source], Bullock emphasized the need for vigilance against inflation expectations, suggesting that if second-round effects from current geopolitical tensions manifest, even higher rates may be necessary. This aligns with our view that the RBA's current cash rate, described as somewhat restrictive, leaves room for further adjustments depending on economic developments. The consensus among analysts suggests a cautious approach, with a focus on upcoming data releases to gauge the inflation trajectory.