ANZ's preview of the data due today and the implications for the Reserve Bank of Australia policy meeting on August 1: • We expect both headline (+6.2% YoY) and trimmed mean inflation (+5.9% YoY) to have moderated in Q2. • The RBA will likely take comfort that inflation appears to be falling in line with, or a touch faster than, its May forecasts. The RBA forecast Q2 headline inflation of 6.3% YoY and trimmed mean of 6.0%, each 0.1ppt above our forecast. • While the August meeting is live, an inflation outcome around our forecast would support our expectation that, on balance, an extended pause from the RBA is now ... (full story)