Remarks by the governor of the Reserve Bank of Australia, Michelle Bullock, at her press conference.  

- Recent economic indicators have been mixed.

- Some data were a little weaker than expected.

- This gave the board some confidence that inflationary pressures are decreasing.

- Monetary policy remains restrained and works as expected.

- We need to see more progress in core inflation, some price pressures are still there.

- We want to reduce inflation without causing a sharp rise in unemployment.

- We have not explicitly thought about lowering interest rates today.

- The discussion was mostly about economic changes and their impact on inflation.

- We have conducted some scenario analysis on possible changes in Trump's policy.

- It depends on what he says he will do and how other countries react to tariffs.

- Tariffs may not affect Australia significantly, but it may affect us if there is an impact on China.

- We are still in a wait-and-see mode.

- The goal of today's statement is to let people know that we have noticed changes in the data.

- I cannot describe an exact scenario of what may prompt us to cut interest rates in February.

- There are many configurations in the data that may lead us in this direction.

- But honestly I don't know if there will be a cut in interest rates.

- We have to look at the data and be data-driven.

- If so, then there will be some stage to consider lowering interest rates.

- But I can't give an exact timing for this.

- We should be aware of what the data means for the upcoming period leading up to their next meeting in February.

Bullock continues to emphasize that core inflation is still very high, but at the same time, when asked about cutting interest rates in the near term, she did not directly reject the idea either, and stressed that she will continue to consider the upcoming data accordingly.

This will lead to a strong focus on Australian data over the next two months.

It is worth mentioning that the Reserve Bank of Australia will hold its next meeting on February 18, and from now until that date we will get a number of jobs data on December 12 and also January 16, monthly CPI data on January 7 and also January 29, and finally quarterly CPI data on January 29.

Traders are now putting the odds at about 56% to cut interest rates by 25 basis points in February next year.