Inflation & the RBA
• Market swings. US equities dipped again, while US yields & USD rose. NZD remains on backfoot. AUD unwound yesterday’s CPI induced gains.• AU CPI. Inflation hotter than expected in August. Data raises doubts about further RBA rate cuts. Relative policy trends can be AUD supportive. Global Trends There were a few more market wobbles overnight with US equities declining modestly for the second straight session (S&P500 -0.3%), US bond yields ticking up ~2-4bps across the curve, and the USD clawing back ground. The EUR (the major USD alternative) slipped down towards ~$1.1740 (the lower end of its ~2-week range),...