This was always going to be a lose-lose situation for the RBA. Weening the commentators off the 'good-oil' was likely to wrong-foot markets used to relying on them. Having said that, they don't come much wiser than NAB's Rob Henderson:
"One last point, while the RBA might be the best central bank in the world, in terms of pre-emptive monetary policy moves, its communication with the market and the community at large has been woeful. For markets to misprice the likelihood of a rate hike so badly two meetings in a row means the RBA cannot claim to be world best practice in terms of transparency and communication. It needs to do more work to ensure its first class analysis is communicated better to central bank watchers, who pass this on the market and the community in general."
