Aus inflation
The Aussie inflation data was still warm, to be sure, but the trimmed mean month on month (bottom left) looked surprisingly good at 0.2% MoM.
It led to a fairly big move in the market, which breathed a sigh of relief. Risky assets (the market) rallied, long duration property lifted, the AUD fell and the 10 year yield dropped. That is a textbook pattern for a benign monetary shock.
Aus building approvals
A somewhat grim looking building approvals print. It was at a near record just the prior month, so perhaps we will just have to wait for some more normalised numbers. Whilst I am sure the economy got tougher over the last couple of months, it didn’t (quite) fall off a cliff.
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