uesday brought the NAB business survey and the minutes of the RBA’s September meeting, both of which shed light on how the economy and the Bank are faring after the latest increase. Here is the wrap.

Key Takeaways

• Business confidence fell again. NAB’s September survey showed confidence dropping to -13, a third straight monthly fall and near historic lows, with the employment index at a five-year low.

• The RBA minutes stayed hawkish. The record of the September meeting showed a unanimous hike to 4.60%, concern that demand and inflation risks are greater than previously thought, and a clear willingness to raise rates again if needed.

• Rates are biting, but markets are holding up. Bond yields remain near multi-year highs and yet share…