Aus PMI’s

To the degree one puts any faith in the PMI’s (purchasing manager index) these days, the below Judo Bank numbers would make further hikes from here a very difficult call to rally behind.

The story has “only ever been one strong print away” from completely reversing the narrative (e.g. a sticky inflation print, like that of a few months back, which made it “look” like inflation might be finding a base to accelerate from) but I’d say it is coming down fairly emphatically now on the “better hold here lest you overcook things dramatically” side, for the RBA, re: the bias to further hikes, verbally or otherwise (the RBA is known for “jawboning”, as a form of guidance/setting expectations).

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