RBA’s Bullock: No Forward Guidance, Next Rate Move Uncertain

The significance lies less in the rate outlook itself than in the communication stance: by explicitly ruling out forward guidance, Bullock is telling markets to price policy meeting by meeting rather than off a signaled path. That raises the premium on incoming data and makes reaction to each release sharper, since there is no central-bank framing to anchor expectations. It affects anyone holding rate-sensitive exposure, from domestic borrowers to crypto and RWA markets that trade off global liquidity conditions. The open question is whether other central banks adopt a similar data-only posture, and how volatility behaves without guidance to lean on.