RBA Governor Bullock: Inflation is broad-based, trimmed mean remains too high ...Middle East

RBA Governor BullockInflation challenge is increasingly driven by homegrown demand'More substantial' mon pol tightening is right response to demand-driven inflationSupply-chain inflation is easing and has a bit further to runService costs rising strongly as demand outstrips supplyRBA liaison with firms indicates domestic cost pressures are proving persistentWill take time to get  inflation back to 2-3% targetBoard seeking to cool demand while keeping employment growingThese are hawkish comments but the RBA showed its hand at the latest meeting and AUD/USD is unmoved. It remains down 25 pips on the day at 0.6528. This article was written by Adam Button at www.forexlive.com.

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