From Breakingviews: Philip Lowe’s Reserve Bank of Australia has raised rates less than the U.S. Fed. But soaring mortgage costs, and silly gaffes, have put him on the spot. Forcing him out would be an easy, if unfair, political win, says AntonyMCurrie
He also insisted in 2021 there had been “a complete overreaction to the recent inflation data.” Lowe’s comments were made before Russia’s invasion of Ukraine supercharged prices and were in step with Powell’s view that inflation was temporary.
With more rate rises likely and just seven months left on his first term, calls for the RBA governor to go will grow louder; on Wednesday he told lawmakers he has no intention of quitting. It would be unfair for Lowe to be the fall guy for central banks’ general inflation failure. But he may also not be the last to go.Philip Lowe, governor of the Reserve Bank of Australia, said on Feb. 15 that inflation in the country remains “way too high” even after nine interest-rate increases since last May.
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