- The RBA hiked the cash rate by 25bps to 4.85% yesterday in a 6-3 vote, as expected, marking the fifth rise this year and taking the cash rate to its highest level since 2008. Dovish comments from Governor Bullock saw markets pare back expectations for further near-term tightening.
- The November Statement on Monetary Policy showed inflation staying above 3% until late 2027 before returning to the midpoint of the target range in mid-2028. The three dissenters preferred a hold, citing concerns about downside risks to growth.
- US JOLTS job openings rose to 7.53 million from 7.15 million, signalling continued labour demand and reinforcing signs of a firm labour market, which supports the case for a December Fed hike.
- Looking ahead: the monthly household spending indicator is due at 11:30am, while markets await the results of the US midterms and the outcome of US-Iran negotiations.
