A unanimous, universally expected pause by the RBA yesterday, with Michelle Bullock refusing to rule out future interest rate hikes if inflation remains sticky. Taylor Nugent says NAB's view remains firm that the data flow won't give them the final push needed to squeeze out another increase. Inflationary pressures globally could be about to ease as crude oil prices collapse below $80 a barrel as optimism solidifies around the reopening of the Strait of Hormuz. The Bank of Japan hoisted its benchmark rate to 1% in an attempt to salvage a battered yen, while over in Washington, the Federal Reserve prepares for Kevin Warsh's debut meeting as chair, where he is widely expected to forego his anticipated dovish approach, faced with the inflationary pressures.
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