
Bloomberg Daybreak: Asia Edition
RBA Decision Preview, Xi-Macron Summit Latest
May 7, 2024
Bloomberg economist previews RBA interest rate decision; updates on Xi's Europe trip and meeting with Macron; discussion on Israel-Hamas ceasefire talks
21:16
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Quick takeaways
- RBA may adopt a tighter stance due to improving job market, despite weak consumer spending indicators.
- Australia's economic trends heavily rely on Chinese demand for exports and student inflow, posing inflation concerns.
Deep dives
RBA's Hawkish Pivot Amid Economic Data Shifts
The Reserve Bank of Australia (RBA) is considering a more hawkish stance following a shift in economic data trends. Recent strong jobs growth and surprising unemployment rate stability indicate a tighter labor market, affecting market pricing with potential rate hikes being factored in for later this year. Despite weak consumer spending indicators, inflation data and labor market conditions are primary focuses for the RBA's potential monetary policy adjustments. Bloomberg Economics predicts a future rate cut despite the RBA sounding temporarily hawkish.
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