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AUD monthly wrap: November 2023
Michelle Bullock’s first meeting as RBA Governor initially looked to be ‘more of the same’, with rates held at 4.1% and no significant changes to the statement. Yet the October minutes were more hawkish than the statement let on, and Bullock’s subsequent comments on the importance of taming inflation and ‘no hesitancy to hike again’ putting us on high alert for a hot CPI print. So when the quarterly and monthly inflation numbers came in broadly above expectations (as did producer prices), the odds of a hike next week increased. Hawkish comments from the RBA’s October minutes: • Inflation remained well ... (full story)