Trade Prices Rebound as Global Central Banks Signal Stability

• Australian trade price indicators turned higher in Q4 2025, with export prices advancing 3.2% over the quarter following a contraction in Q3. The outcome represents the first positive print in three quarters and the strongest quarterly gain over the past year.
• Import prices increased 0.9% q/q, materially outperforming expectations and reversing the prior quarter’s decline, suggesting renewed price pressure at the border.
• In the US, the latest FOMC statement adjusted its labour market assessment, removing language around downside risks and instead noting signs of stabilisation in employment conditions.
• At the accompanying press conference, Chair Powell adopted a measured, neutral tone and avoided signalling near-term policy intentions, reinforcing the Committee’s data-dependent stance.
• At home today we get December private sector credit figures, with forecasters expecting momentum to remain intact.