Too hot to handle
• Fed gyrations. US Fed cut rates but Chair Powell pushed back on views it will go again in December. Higher US yields helped the USD intra-day.• AU CPI. Sizeable upside surprise in Q3 AU inflation. RBA expected to stay on hold. We think this should be AUD supportive over the medium-term.• Macro events. BoJ meets today. ECB holds court tonight. Also on the radar is a meeting between President’s Trump and Xi. Global Trends Ahead of today’s meeting between President’s Trump and Xi (from ~1pm AEDT) central banks were in focus overnight. Outside of bond yields there were relatively...