Opinion
Don’t expect a victory speech from Michele Bullock any time soon
Rate cuts have begun and the Federal Reserve estimates the US cash rate closer to 3 per cent next year. But where does that leave Australia?
Tim HextPerhaps learning from George W. Bush, Federal Reserve chairman Jerome Powell avoided the phrase “mission accomplished” in his victory-over-inflation speech at Jackson Hole last month.
History will judge if Powell’s speech was as premature as Bush’s emphatic Iraq War declaration aboard the USS Abraham Lincoln in 2003. For now, the Fed believes it is on a clear path back towards neutral interest rates.
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