Michele Bullock has changed her tune about the future of interest rates, but Donald Trump may have other plans

There’s been a sudden about-turn at the Reserve Bank. In the space of just a few months, Governor Michele Bullock has dramatically changed her tune about the future direction of interest rates and the speed at which they’re expected to decline. Back in February, when the RBA first cut rates after more than a year on hold, the message was all about caution and restraint. Like a surly teenager, the RBA said it was cutting, but only reluctantly. The message between the lines was that, while the evidence pointed to it being the right decision, the increasing weight of expectations…