RBA Oct. minutes: More interest rate hikes ahead - "Rates not especially high"

The Australian dollar has ticked up a little on that 'rates not especially high' point in the October minutes.

Headlines via Reuters:

• Decision to raise rates by only 25bp was "finely balanced"
• Smaller move warranted by the scale of hikes already delivered, lags in policy
• The full impact of hikes yet to be felt in mortgage payments, wealth effect from falling house prices
• Higher rates abroad are likely to "significantly lower" global growth, lessen 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
• Uncertain outlook argued for slower hikes for a time, would help hold public attention
• Further increases in rates are likely over the period ahead, rates not "especially high"
• Board emphasised the importance of keeping inflation expectations anchored
• Some further rise in wage growth would not be a concern if inflation expectations anchored
• Monthly CPI data confirmed a broad-based pick up in inflation, rents and utilities are expected to rise further
• Data suggest household consumption held up well in Q3, supported by very tight labour market
• A$ is still up on the year in trade-weighted terms, more important for inflation than the AUS/USD level

Earlier today from the RBA:

• RBA dep gov Bullock says further interest rate hikes are on the way in the months ahead

Full text:

Minutes of the October 2022 Monetary Policy Meeting of the Reserve Bank Board