Bullocks hawkishness. Will one rise be enough?
Thursday 23rd November 2023
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Australian inflation is now driven by local factors. That\u2019s what the RBA\u2019s Michelle Bullock said at the Australian Business Economists dinner last night. JBWere\u2019s Sally Auld says it doesn\u2019t sound like a central bank that\u2019s done with interest rate hikes, and points to how we are sitting 100 basis points below our economic peers. So can we really expect to get away with just one more rate hike? Meanwhile softer data from the US, mixed, curiously, with rising inflation expectations. Oil is choppy ahead of the delayed OPEC+ meeting \u2013 Sally explains the significance of the delay. And the UK\u2019s min-budget delivered little except a forecast for growth next year, light on business investment and heavily dependent on government consumption, whilst the Chancellor\u2019s rhetoric promised the opposite. European PMIs are the big numbers today but trade will be light tonight as the US starts Thanksgiving.
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