A mix of outcomes across economic data through the month created another ‘line-ball’ call for the outlook in the cash rate. May saw measures of consumer sentiment trend lower alongside a rise in the unemployment rate, and retail trade was flat in April. In the way of upside risks for inflation and the cash rate, the April monthly CPI indicator showed an annual lift of 6.8% (though the exclusion of volatile items saw a slowdown in annual growth). The Fair Work Commission decision to increase award wages by 5.75%, and minimum wages by 8.6% next financial year, also coincided with increased market expectations of a lift ... (full story)