On May 19, the Reserve Bank of Australia (RBA) released its latest meeting minutes, indicating that the decision to raise interest rates for the third consecutive meeting provides room to monitor how households and businesses respond to the impacts of the Middle East conflict, which has led to soaring fuel prices. According to Jin10, the minutes noted that while uncertainty remains, financial conditions may tighten to some extent following this decision. The committee members discussed whether to raise rates or maintain the status quo, with eight out of nine members deciding that there was a stronger case for increasing the rate to 4.35%. The minutes stated that the rate hike would allow the committee to observe the development of the Middle East conflict and the responses of households and businesses. The committee acknowledged that policy actions cannot alter the short-term trajectory of inflation. The money markets anticipate that the RBA will raise rates at least once more this year, with over a 50% probability of two hikes. Following the recent rate increase two weeks ago, the RBA has fully reversed all of last year's easing measures.