Slight downside surprise versus market expectations but really nothing too unexpected. The underlying inflation story remains moderate short-term disinflation. There is not much sign the initial raft of tariffs have had much of an effect on consumers, with goods prices a little easier.
Money supply growth remains steady. Credit growth has quickened a touch from April but overall there isn’t much evidence that the governments stimulus efforts have opened the credit spigots, particularly the private sector. Debt is growing a little faster than GDP again, but not markedly.