Refusing to back down

Thursday 27th August 2026

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Wherever you look inflation is not coming down as quickly as hoped or expected. NAB’s Sally Auld identifies why yesterday’s Australian CPI numbers were such a surprise, and why it’s heightened expectations for a rate hike. That’s pushed front end yields higher, which has boosted the Aussie dollar, even against a rising US dollar. The RBA may not be alone. US Core PCE numbers showed inflation is persistent there too, and the ECB’s Isabel Schnabel was sounding particularly hawkish as well yesterday. Soon, NVIDIA earnings are out, the bellwether stock for AI. Their shares are down ahead of the close.

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