The Reserve Bank's monetary policy statement this morning could be seen as a bid to yank the financial markets' leash in the direction of higher wholesale interest rates.
The bank's projected track for short-term wholesale interest rates is only very marginally lower than it produced at the start of the current tightening cycle in March.
That track is, as ever, conditional on the economy obediently conforming with the bank's current expectations - on migration, export prices, the housing market, construction activity and the exchange rate in particular.
But the central bank's view of what the information to date implies is more bullish on growth and more hawkish on inflation and therefore interest rates than the financial markets' pricing of late has implied.
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