AUD: Underlying CPI was bang on the RBA’s expectations - TDS
|Research Team at TDS, notes that the Australia’s September quarter underlying CPI was bang on the RBA’s expectations so no smoking gun for a cut next week.
Key Quotes
“The annual average of the two core measures (trimmed mean + weighted median) was 1.54%/yr. While not the RBA’s policy focus, the jump in headline CPI (+0.7%/qtr vs mkt +0.5%/qtr) appears to have shaped the market’s hawkish reaction. We don’t see the RBA changing its inflation profile next week as Q3 was as expected and a slightly higher exchange rate assumption compared with August is balanced out by higher energy prices.”
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