More signs of global cooling. NAB’s Ray Attrill looks ahead to today’s Q1 GDP for Australia, with expectations dialled down following a surprising slide into a trade deficit yesterday. It shows how domestic growth was already slowing and tracking below RBA forecasts well before recent energy shocks emerged, although Ray says this, and the 4.75% increase in minimum wage, won’t impact the RBA’s trajectory. But the expectation of a rate rise from the ECB rose along with inflation yesterday. Services inflation is a particular sticking point.
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