Members commenced their discussion of international developments by noting that inflation had risen further in recent months, and in many advanced economies was higher than it had been in several decades. The strong recovery in global demand, ongoing disruptions to global supply chains and increases in commodity prices following Russia's invasion of Ukraine had contributed to inflation significantly exceeding earlier forecasts and being well above central banks' targets. As a result, central banks had hastened the pace at which they were withdrawing policy accommodation. Members noted that inflation developments over ... (full story)

Minutes of the Reserve Bank of Australia May monetary policy meeting. Headlines via Reuters, bolding is mine: • Australian economy was being supported by household and business balance sheets. • Resilience of the Australian economy was particularly evident in the labour market. • Members considered three options for the size of the rate increase at the present meeting – raising the cash rate by 15 basis points, 25 basis points or 40 basis points. • More timely evidence from liaison and business surveys indicated that labour costs were rising in a tight labour market and a further pick-up was likely over the period ... (full story)