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Free AccessLowe More Dovish, Wage Outcomes Key
There were several take aways from the Q&A session following RBA Governor Lowe's speech.
- When Lowe was pressed as to why Australia wouldn't follow the path of other global central banks in terms of further aggressive hikes, he stated that the RBA would set monetary policy based on Australian-specific conditions.
- He added the strong differences in wage outcomes in Australia compared to the US. Given the institutional settings in wage outcomes in Australia we may not enter into a wage/inflation spiral.
- This will be key in determining how much higher rates go and at what pace, but that Australia may be able to avoid offshore experiences of higher wages/inflation and therefore much higher interest rates.
- In any case, this comment fits in with Lowe's earlier comment around slowing the pace of rate hikes (while remaining data dependent).
- The RBA also has no plans to embark on quantitative tightening (QT). The bonds on the balance sheet are expected to be held until maturity.
- All in all, the Q&A didn't reverse any of the context of the speech given earlier, with the overall tone from RBA Governor Lowe still coming across as dovish.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.