- Did not explicitly consider case for a rate hike this meeting
- Discussed circumstances in which we might have to tighten
- Did discuss what they might have to do if rates need to go up
- Need to be cautious on monthly CPI series as yet
- Inflation and jobs data will be important for February meeting
- Would not put timing on any future move, will be meeting by meeting
- We will be looking at quarterly inflation numbers
- If inflation looks to be persistent, it will raise some questions for policy
- It looks like more rate cuts are not needed
The February meeting is the next one as the RBA goes on summer holiday
RBA’s Bullock: Discussed circumstances in which we might have to tighten
