Inflation softer than expected, but hold your horses on rate cut hopes
NAB’s Taylor Nugent says the weaker Aussie inflation data yesterday should be treated with caution. But we can expect a more definitive market response to US CPI numbers later on.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 11th January 2024
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Australian inflation fell faster than expected in November. Phil asks NAB’s Taylor Nugent what this means for the rate path from the RBA. He says the monthly data is a relatively new indicator and is still volatile, so we should be cautious in interpreting the numbers and certainly there wasn’t anything to make the RBA too comfortable. We can expect a more definitive market response to US CPI later on. If the number falls below consensus and highlights potential for a faster cutting cycle from the Fed expect that to drive the US dollar lower.
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