The February RBA meeting is a closer call than markets are pricing it for, according to Deutsche Bank. Although year-ended slightly above consensus at 3.4% (3.35% yoy to two decimal places), key core metrics were in line or softer: quarterly trimmed mean at 0.9% qoq. Significantly, December’s monthly print was 0.23% mom, which was lower than November’s 0.258% mom and December’s 0.33% mom. AdvertisementDeutsche emphasises that the December monthly trimmed mean print annualised at 2.8%, falling within the 2-3% target area of the RBA. I would like to agree, but with another giant leap in energy bills looming, I think the bank will blunder into a hike.