“Tentative normalisation”? Westpac-MI leading index above zero

Summary: Leading index growth rate rises in October; Westpac: slightly negative for best part of a year; reading implies annual GDP growth of around 2.75%-3.00%; ACGB yields generally decline a little; rate-cut expectations barely move; Westpac: latest reading is best interpreted as pointing to tentative normalisation in growth. Westpac and the Melbourne Institute describe their Leading Index as a composite measure which attempts to estimate the likely pace of Australian...

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