Next week’s RBA Board meeting: will the RBA review lead to higher interest rates?

Plus, the US Q1 real output and NGDP gaps, Q2 output gap nowcast and US April #NFPguesses

The RBA Board meets next week and in the wake of the release of the Q1 CPI the market is giving a zero per cent chance to a change in the official cash rate, marking the second consecutive month of steady policy. Immediately prior to the CPI release, markets were giving a non-trivial 17% chance to a further 25 basis point tightening.