With both the primary manufacturing number as well as the second tier non-manufactuing reading both missing market expectations, RBA Governor Stevens and his board will have have had a little cringe thinking about future effects that the continued Chinese slowdown will have, but it shouldn’t have changed their thinking about today’s decision. Keeping rates on hold at 2.00% for another month is all but a sure thing, but the real juice will once again be in the accompanying monetary policy statement. Just how much of....
