Thursday 23rd November 2023

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Australian inflation is now driven by local factors. That’s what the RBA’s Michelle Bullock said at the Australian Business Economists dinner last night. JBWere’s Sally Auld says it doesn’t sound like a central bank that’s done with interest rate hikes, and points to how we are sitting 100 basis points below our economic peers. So can we really expect to get away with just one more rate hike? Meanwhile softer data from the US, mixed, curiously, with rising inflation expectations. Oil is choppy ahead of the delayed OPEC+ meeting – Sally explains the significance of the delay. And the UK’s min-budget delivered little except a forecast for growth next year, light on business investment and heavily dependent on government consumption, whilst the Chancellor’s rhetoric promised the opposite. European PMIs are the big numbers today but trade will be light tonight as the US starts Thanksgiving.

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