RBA's Bullock: I don't know what board will decide at the next meeting
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Not even the Governor knows what's coming next. That points to a healthy debate. More comments: If board thinks inflation is not coming down, will have some difficult decisions to make Decision will depend on whether the board thinks policy is restricitve AUD was last at 0.6983 a
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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.