There was a risk that the RBA’s minutes were more hawkish than their November statement had let on, and this certainly seems to be the case. The RBA mins read to me like they’re still sat on another rate hike – even if they’ll try not to hike if they can help it. Incoming data could decide which side of Christmas a potential hike could arrive. With no meeting in January, a hot CPI report next week could seal a 25bp Christmas present to the masses. The RBA also upgraded their inflation forecasts in last week’s quarterly SOMP (Statement on Monetary Policy) and provided similar warnings about “upside surprises to ... (full story)