HSBC's thoughtful Paul Bloxham, who like most in the market was sold a December dummy by his former employer, makes this succinct point:
"Today's decision shows that the RBA is forward-looking in its approach to setting monetary policy."
Bloxham is an important addition to the economics scribes, and a must-read for insights into how our glorious central bank makes its decisions.
Real-time, stream-of-consciousness insights on financial markets, economics, policy, housing, politics, and anything else that captures my interest. Tweet @cjoye
The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."