RBA governor Michele Bullock says inflation 'pretty much where we thought' seeing rate rise bets tumble

After surging on yesterday's slightly higher than forecast inflation figures, bets on an interest rate rise next month have fallen dramatically on Senate testimony from the Reserve Bank governor.

As expected, Ms Bullock refused to be drawn when asked directly whether that inflation data made a rate rise next month more likely."I wouldn't like to say more or less likely, we're still looking at it." Many market economists had viewed yesterday's data as a "material", or large, upside surprise to the RBA's inflation forecasts, but Ms Bullock said the bank has not come to a conclusion on that question yet.She also played down recent comments from the Reserve Bank that it had a low tolerance for inflation remaining above target for longer than the bank's current forecast of late 2025.

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