-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
RBA On Hold, Remains “Vigilant To Upside Risks”
The RBA left rates at 4.35% as was unanimously expected. Its hawkish neutral stance was unchanged reiterating that it is “not ruling anything in or out” and that the Board will “remain vigilant to upside risks to inflation”. It returned to acknowledging the uncertainties around the consumption outlook and reinforced its resolution to return inflation to target by adding that it “will do what is necessary to achieve” that outcome. The RBA remains highly data dependent and cautious and is yet to be confident that inflation is returning to target. It is taking things meeting by meeting.
- Key parts of the May statement were unchanged including that higher rates are working, excess demand persists, wage and productivity growth aren’t yet at sustainable rates, and return to target is “unlikely to be smooth”. Importantly, the Board is yet to feel “confident” that inflation will return to target and it will still be “some time before inflation is sustainably” in the corridor.
- The Board acknowledged the upward revisions to consumption in Q1 GDP and reverted to recognising the uncertainty around household spending. It noted the revisions and the persistent inflation “suggest that risks to the upside remain”. It notes numerous factors that should support expenditure going forward including July 1 tax cuts, wealth effects from rising house prices and lower inflation. But uncertainties mean there is also a risk it disappoints.
- Federal and state budgets “may also have an impact on demand” but energy “rebates will temporarily reduce headline inflation”.
- The RBA also added concerns that supply chains may be impacted by recent geopolitical uncertainties, which would add to price pressures.
- See full statement here.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.