Reserve Bank of Australia governor Philip Lowe appeared on the ABC’s 7.30 television program last night. I cannot recall the last time an RBA Governor did this – which to me signifies the importance of the event at this critical and uncertain time.
Overnight again the US markets mostly slid, ahead of the Federal Reserve rate decision tomorrow. Views that a 75 basis point hike was on the table have been growing after Friday’s higher-than-expected consumer price index (CPI) data for May.
Governor Lowe said inflation will peak at a “very high” 7 per cent later this year, and ease back next year. Dr Lowe said it was “reasonable” to expect the cash rate to eventually reach 2.5 per cent, in line with the midpoint of the inflation target, but he admitted it was “unclear” how high rates would go and how quickly.
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