A tweet from the Reserve Bank of Australia:
Huh.
Inflation is sky-high and the RBA’s last policy decision was to reduce the pace of rate hikes (from +50 to +25). But, yeah, cute tweet, thanks.
They argue for the reduced pace of hikes by saying that it’ll take a long lag time for rate hikes to take effect. Which sort of raises the question of why they stuck to their ‘2024’ forecast for the first rate hike for soooooooo loooooong and then dilly-dallied around with their first rate hike not until May of 2022.
Central banks, whatyagonnado, eh?
—
Next RBA meeting is November 1, preview here (scroll down a bit)