Westpac-MI leading index back at trend level; stabilisation, not upturn

Summary: Leading index growth rate down in December; index growth continues to show clear improvement; reading implies annual GDP growth of around 2.75%; ACGB yields rise moderately; rate-cut expectations soften slightly; stabilisation rather than cyclical upturn. Westpac and the Melbourne Institute describe their Leading Index as a composite measure which attempts to estimate the likely pace of Australian economic growth in the short-term. After reaching a peak in early 2018,...

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