- We did consider a rate hike, ready to raise rates if needed
- We are vigilant to upside risks to inflation
- If inflation does not track the way we are forecasting, we will raise interest rates
- Hard to draw any red lines on price targets when forecasts are also inherently uncertain
- Need to have caution and calm on market volatility
- Market is pricing in rate cuts too soon, it does not align with the Board's thinking
- Market expectations are getting a little bit ahead of themselves
I think that's pretty much a nail in the coffin, at least for now, for those anticipating a rate cut in November and even December. AUD/USD is now up 0.4% to 0.6520 on the day as Bullock speaks.
