In response to higher than expected CPI data from Australia in Q1 2024, ANZ's take:We think the RBA will want to see a couple of quarters of lower non-tradables and services inflation to be convinced that overall inflation will not only return to the 2–3% target band but remain there,our base case remains a November start to RBA rate cutstoday’s Q1 CPI is consistent with the risks around that being skewed towards a later startMore:Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)4 reasons why the RBA may be the last major central bank to cut ratesTD project the first cut in February 2025Australia- inflation a bit higher than expected, RBA on holdThe next Reserve Bank of Au
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