You dont set targets and then change them, they would lose all face if they did...they should have made people take their medicine earlier...people are still consuming like mad, the RBA has had no foresight with inflation and now people must pay for loose monetary policy and lending standards.
.5% in April equates to 6%p.a.! Core inflation was 0.5% in the Dec '06 for the entire quarter.
In context with the RBA numbers, core inflation for the Jun '07 qtr was 0.9%. If this TD Securities April number is similar the same as the RBA number(which it usually is), then they're looking at a further acceleration of core inflation on top of last quarter's 1.2%. If the Jun '08 qtr number is 1.3% (or higher) then I could absolutely see another 25bp tightening in August.
The thing for tomorrow's meeting is Consumer Spending growth heading down to 2%p.a, or does it need another push in that direction?
Imagine if the RBA rose rates again tomorrow, dont think they will, august looks like a reasonable chance now though.
We wont get rate cuts until we are heading for a recession imo
another nail in the coffin, page-3
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