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When the Reserve Bank’s monetary policy committee goes into extensive detail on the inflation outlook in its post-meeting statement, you know it’s preparing to say something dramatic. So it was on Thursday, when the committee hiked interest rates by 75 basis points (bps).

That was more than most in the market were expecting. It was less than the preference of one member, who favoured an even steeper hike of 100 bps. Which is how you know the Bank is really worried about what’s happening to inflation, and more particularly to inflation expectations...

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