The Reserve Bank lifted the cash rate again this week, to 4.60%, its fourth increase this year, and one markets had firmly expected.

It caps a month in which most of the world’s major central banks have raised rates, though this looks more like the RBA tapping the brakes than slamming them on. Attention now turns to tomorrow’s inflation figures. Here is the wrap.

Key Takeaways

• The RBA raised rates to 4.60%. The quarter-point rise was its fourth this year and was widely expected, after Governor Bullock signalled that unemployment needs to rise a little further to ease inflation.

• Australia isn’t alone. The US Fed, the European Central Bank, and the Bank of Japan have all hiked in the past month, as high energy prices keep inflation…