Stubbornly High Inflation Doesn’t Allow RBA to Cut Interest Rates Anytime Soon

Markets
Disappointing April US PMI’s triggered some short covering in US Treasuries. The composite PMI declined from 52.1 to 50.9 (vs 52 consensus) with both manufacturing (49.9 from 51.9) and services (50.9 from 51.7) contributing.
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