The CPI came out yesterday. Things are not as bad s they looked previously. HERE is one analysis. it is pretty much on the money.
Let me quote from CBA economic research. The trimmed mean was softer than expected and there is limited pass through at present. Add that to demand slowing, the labour market softening quicker than expected and housing being quite soft and you have a case at present to keep rates where they are.
The middle east is the major problem and may cause them to lift rates if oil prices take off.
We shall see
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