RBA's latest forecasts are grim. Here are 5 reasons why 
Interest rates: Monetary policy is always political as central banks opt to back the financial sector 
Will the RBA raise rates again? Unless prices surge over summer, it's looking less likely 
Inflation: why prices look likely to stay high in the UK and Ireland, and what that means for mortgages 
If central banks don't start cutting them soon, it could actually increase inflation 
The yen plunges to 34-year low despite interest rate hike 
Think the RBA will lift rates on Melbourne Cup day? Don't bet your house on it 
Governments have been able to overrule the Reserve Bank for 80 years. Why stop now? 
Lots of economic data and events scheduled for today, but all with low to medium volatility risks associated.
Data and events so far:
- New Zealand: ANZ business confidence index declined to -38.1 in June from -32 in May. Activity outlook index declined to 8 percent from 8.5 percent.
Upcoming:
- Spain: HICP inflation report due at 7:00 GMT.
- Italy: Business and consumer confidence reports will be released at 8:00 GMT, followed by the trade balance report.
- Switzerland: ZEW economic survey report will be released at 8:00 GMT.
- Eurozone: Confidence reports will be released at 9:00 GMT.
- Germany: HICP inflation report due at 12:00 GMT.
- United States: Weekly jobless claims report due at 12:30 GMT, followed by pending home sales report at 14:00 GMT. Kansas Fed will release manufacturing report at 15:00 GMT. EIA will release weekly natural gas inventory report at 14:30 GMT.
- United Kingdom: GFK consumer confidence report due at 23:00 GMT.
- Japan: Tokyo inflation report due at 23:50 GMT, along with industrial production for the month of May.
- Auction: the U.S. will auction 1-month bills at 15:30 GMT, and 5-year note at 17:00 GMT.
