On Tuesday, 24 October 2023 at 7 pm Sydney time,
- which is 0800 GMT and 0400 US Eastern time
Reserve Bank of Australia Governor Bullock is speaking.
The topic is:
- Monetary Policy in Australia: Complementarities and Trade-offs
at the Commonwealth Bank of Australia Global Markets Conference, Sydney
Bullock spoke last week:
- RBA Gov Bullock says is a bit more worried about the inflation impact from supply shocks
- More from RBA Gov Bullock – if inflation remains higher than expected will respond
Bullard’s remarks on the inflation battle the RBA is facing have been more forthright than previous Governor Lowe’s. I suspect she is a little less tolerant of the slow progress towards the bank’s target than Lowe was. I expect Bullock will not relent on her hawkishness in her speech this evening.
From the most recent RBA meeting minutes, this stood out:
- “the Board has a low tolerance for a slower return of inflation to target than currently expected
As well as Bullock’s speech the CPI data due Wednesday will be very closely eyed. An upside surprise could bring on a November 7 rate hike. Indeed, NAB is expecting just that:
The Reserve Bank of Australia’s cash rate is presently 4.1%
This article was written by Eamonn Sheridan at www.forexlive.com. Source