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Goldman is getting dovish after yesterday’s softer-than-expected CPI.
It notes that the quarterly trimmed mean, the RBA’s preferred indicator of underlying inflation, increased by 0.81% quarter over quarter, or 3.65% year over year.
The result fell short of the RBA’s May SMP projection (1.0%qoq).
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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