Wednesday 2nd November 2022

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The RBA has taken a slow and steady approach to interest rate hikes, so we can expect many more to come. Sally Auld says Governor Lowe said last night that the risks are more two-sided than they were a few months ago, and the bank needs to factor in the risk of the lag. It’s a very different approach being taken by the Fed, with a strong expectation that they will announce a 75bp hike tomorrow morning, reinforced by data showing a rise in job openings in the US. The optimism in markets yesterday afternoon that perhaps China was heading out of its zero COVID approach have been reversed, with newspaper reports suggested the opposite is the case and we can expect more lockdowns and the like.

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