RBA minutes: Rate hikes ahead not on a pre-set path

Reserve Bank of Australia minutes August 2022

Headlines via Reuters:

• Board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path.
• Members noted that inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term was expected to peak later in 2022
• It is seeking to do this in a way that keeps the economy on an even keel.
• Inflation will then decline back to the top of the 2 to 3 per cent target range by the end of 2024
• Members agreed it was appropriate to continue the process of normalising monetary conditions
• Resilience of the economy continued to be most evident in the labour market
• Members also considered the risks to the global outlook, which were skewed to the downside.
• Behaviour of household spending continued to present a key source of uncertainty for the outlook
• Members will be paying close attention to how the balance of various factors affects the outlook for spending
• Increase in interest rates over recent months has been required to bring inflation back to target

Full text:

• Minutes of the August 2022 Monetary Policy Meeting of the Reserve Bank Board

Look like from this lot that the RBA will continue with its cautious approach. It says its committed to bringing inflation back down but it seems to be relying on things going its way rather than assertive policy action.