- RBA committed to full employment, prepared to be patient
- 'Over the course of the year' will be watching price pressures, consumption and wages
- There are significant uncertainties as to the persistence of recent price pressures
- Will do what is necessary to maintain low and stable inflation
- Wage price index to rise 2.75% this year and 3% over 2023
- Still expect GDP to grow in the March quarter, although only modestly
- Worst of omicron disruptive effects are behind us
- End of bond purchase program does not mean a cash rate rise is imminent
- Too early to conclude inflation is sustainably within target range
- Achievement of our inflation and unemployment goals are within sight
There aren't many members of Team Transitory but you can count Philiip Lowe in the ranks. He certainly isn't ruling out hiking ore making a pivot lately but it's going to take some hot data.
AUD/USD has edged lower after this but if it couldn't fall on the RBA surprise yesterday, it certainly isn't going to crumble based on these comments, which are largely a reiteration of those comments.
