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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.
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Free AccessVIEW: CBA: WPI Does Not Make Case For Larger Rate Hike
CBA note that “the WPI has its limitations. And it is not the only measure of labour costs. Indeed we will receive an update on some other measures of labour costs in the national accounts which will be published on 1 June (i.e. before the RBA’s June Board meeting on 7 June). But the WPI is still a very important publication that enables us to better understand what is occurring across the economy with respect to wages inflation. After today’s data we remain comfortable with our call that the RBA will deliver a ‘business as usual’ rate hike of 25bp at the June Board meeting. The official wages data has not made the case for a larger hike. Indeed, the wage price index today highlights the risk of raising rates too high and too quickly given wages have so far been slow to respond to the tightness in the labour market. Next up is the April labour force survey (due tomorrow). Our forecast is for employment to rise by 30K over the month. On an unchanged participation rate that would see the unemployment rate edge lower to 3.9% (from 4.0%).”
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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.