Some Colour On Governor Lowe's Upcoming Panel Appearance

Note that we have received some questions re: the upcoming online panel participation of RBA Governor Lowe at Universidad de Chile's Conference on Central Bank Independence, Mandates and Policies. The event will start at 20:00 London (06.00 Sydney).

• It is hard to assess the scope for meaningful comments from Lowe. We would assume that the fact that this is a panel discussion means that there will not be a text release. While the broader topic is set to focus on wider central bank activities, the inclusion of mandates and policies in the subject make for the potential for "interesting" comments, dependent on the lines of questioning/discussion.
• Still, we remind you that the RBA has gone to great lengths to differentiate between market views on the future path of policy and what it intends to do under its central scenario (although it hasn't returned to market to buy ACGB Apr-24 to bring the line's yield back down to 0.10%, instead choosing to hike the costs of borrowing the bond lines that impact its YCT mechanism, in an attempt to price shorts out of the market).
• Elsewhere, the minutes from the RBA's most recent monetary policy decision highlighted the low wage growth/inflation outlook that the RBA envisages, as it stressed the differences between Australia and some of the country's major international counterparts.
• A link to listen in to the panel discussion can be found here https://webcast.boardroom.media/reserve-bank-of-australia/20211021/NaN615cd09cd05dec001b14b394