Ex-RBA Board Member says the RBA will probably hike several times in 2022

McKibbin (via Bloomberg report, gated)

• “The inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term numbers in Australia, although much lower than the rest of the world, are still towards the top end” of the RBA’s 2-3% target
• “And the oil price shocks will obviously put upward pressure on that.”
• “On top of the Covid-19 shocks and the worries of monetary tightening in major economies, we have now got an inflationary shock coming from higher oil prices out of Russia and an increase in geopolitical risks,” he said. “It may delay tightening of monetary policy, I’d think, particularly from the Fed.”
• Once clarity emerges on Ukraine, McKibbin sees the tightening cycle in Australia pushing the cash rate higher than markets are currently predicting.

Earlier on the RBA: