RBA’s Kent: Global Growth Beating Most Expectations

The notable signal here is not the growth optimism itself but the pairing of it with a watch on rising neutral rates — a mix that matters for how long restrictive policy lingers, and by extension for the discount rates that crypto and other risk assets are priced against. Kent's comment that long-term CPI expectations are seen as well anchored suggests markets are giving policymakers room on inflation credibility, which is the quieter part of the message. Whether neutral-rate estimates keep drifting higher, and whether that anchors or unsettles long-end pricing, is the open question worth tracking.