There’s been an element of the perfunctory in such denials about pre-baked policy. The RBA said more than once that policy isn’t on “a preset path.” Fed officials say no choice is off the table. Central bankers also say they are data-dependent. In a few months, they may even mean it.
If this year has been one for the monetary history books, 2023 promises no fewer challenges. They may be of a different nature. Nimbleness, often pledged but less often adhered to, will be the order of the day. Lowe said he gets letters from members of the public who thank him for higher rates; life has become a bit easier for those dependent on interest-bearing accounts. The rest of us should brace for the trials of normality.
Daniel Moss is a Bloomberg Opinion columnist covering Asian economies. Previously, he was executive editor of Bloomberg News for economics.