Key question is whether tightening already delivered is enough to slow inflationBoard ready to raise cash rate further if neededPolicy operates with a lag, so full effects of this year's rate increases yet to be feltBest contribution policy can make is to maintain low, stable inflationSome further easing in growth of demand likely to be required to bring inflation downSome further easing in labour market will likely be requiredEconomy overall has adjusted gradually and broadly as expectedPolicy can't address the economy's slow productivity growthUnderlying inflation has evolved as expected, but still too highHearing from business that non-labour cost pressures continue to pick upHousing market has eased by more than we had anticipatedDemand growth appears to be moderating broadly as expected in May baseline forecastsRemains too early to assess the full economic effects of oil shockThat sounds hawkish to me but there is no movement in AUD. This article was written by Adam Button at investinglive.com.