The minutes of the RBA's Board meeting were released today and although it does appear as though the RBA is making the case for hiking rates down the track, there is no strong case for near term adjustment in policy, given the RBA sees household debt levels as a risk to consumption, explains the research team at TDS.
“The key points 1) The RBA continues to have an upbeat outlook on global and domestic fundamentals; 2) the Bank does not view the escalation in trade tensions as having a significant direct impact on global trade; 3) There is little sense of concern with the rise in short term Aussie funding costs; 4) But the RBA did take the opportunity for the first time to insert what has been commonly quoted in formal speeches 'that it was more likely that the next move in the cash rate would be up, rather than down' into the last paragraph.”
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