Slow down and split in two

Friday 29th November 2024

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The message from the RBA continues to be that there is no rush to drop rates. NAB’s Tapas Strickland highlights a chart presented by Michelle Bullock last night, which showed Australia’s interest rate compared to other leading economies, relative to the expected nominal neutral rate. And the decision on how much and when will be made by a new group next year, as the board of the RBA splits in two, with one responsible purely for monetary policy decisions. Inflation in Germany has slowed a little, but probably not enough for the ECB to make a 50bp cut. Europe continues to be in a world of worry, particularly France, where 10-year yields momentarily fell below Greek yields for the first time ever. But good news for Americans, whose Thanksgiving dinner will have been a bit cheaper this year.

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