I posted a quick RBA minutes preview here earlier:
Snippet via National Australia Bank:
- We expect the Minutes to reflect that minimal reassessment from the state of play in August.
- If the Minutes continue to reflect that a hike was considered, it will support the Banks current tightening bias.
Commonwealth Bank of Australia:
- minor changes were made to the statement with recognition of the fall in the annual inflation rate in the July CPI Indicator and risks from a China growth slowdown.
- A tightening bias remained in place.
- The Minutes will be scrutinised for the arguments to hike versus the arguments to remain on hold.
- We think the hurdle to hike again is high from here and it would take upward surprises on pric es and wages data for Q3 23 to see the RBA resume its hiking cycle
RBA’s Bullock