How could the Fed pivot? Take a look at what Australia's central bank just did.
Central banks across the globe are fighting rampant inflation with aggressive interest-rate hikes, so much so that even rate increases can come across as dovish, depending on how they are framed.
It’s worth looking at the statement from RBA Governor Philip Lowe, to see how a central bank could make a dovish point while in fact increasing rates. He bluntly begins by noting that inflation is too high. The Australian economy is growing, the labor market is very tight, and wage growth is picking up. All very Jerome Powell–like so far. Price stability is “a prerequisite for a strong economy and a sustained period of full employment” and so on.
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