This second batch of Q&A comments (earlier) hardens the picture from Bullock's earlier testimony, with her saying inflation risks are skewed to the upside and that persistent inflationary shocks are hard to look through, language that leaves little room to read a pause into the September 28-29 meeting. Her comment that there is a general consensus the neutral rate has risen matters beyond this cycle, since a higher neutral rate implies the RBA's current policy setting is less restrictive than the headline cash rate alone suggests, supporting her earlier remark that the Board is thinking about whether policy is tight enough. Deputy Governor Hauser's line that the Board is totally committed to hitting the inflation target reinforces that message from a second voice. UBS's call for two more hikes to a 4.85% terminal rate is a meaningfully more hawkish path than the roughly 70 to 75% priced for a single September move, and if that view gains traction it points to further upside for the Australian dollar and short-end yields over the coming months.-- Bullock and Hauser are both talking like a hike is coming, and UBS thinks it won't be the last.Summary:RBA Governor Michele Bullock said the drop in housing prices is not that big in the scheme of things, and that the Board is thinking about whether it has a tight enough policy settingBullock said there is a general consensus that the neutral interest rate has risen, and that inflation risks are skewed to the upside and hard to look through when they prove persistentDeputy Governor Andrew Hauser said the Board is totally committed to hitting the inflation targetUBS said it expects the RBA to raise rates two more times, taking the cash rate to a terminal rate of 4.85%The comments extend Bullock's earlier committee testimony, in which she said upside inflation risks flagged in August are now materialising, and her wire remarks that the world is facing higher for longer oil prices and more willing pass-through of costs by businessesThe RBA's next decision falls on September 28-29, with markets already pricing a further 25 basis point hike at around 70 to 75%Reserve Bank of Australia Governor Michele Bullock continued to strike a firm tone in further wire comments on Thursday evening, adding to remarks earlier in the day that the world is now facing higher for longer oil prices and that businesses are increasingly willing to pass on cost increases. Bullock said the recent drop in housing prices is not that big in the scheme of things, and that the Board is thinking about whether it has a tight enough policy setting, comments that build directly on her committee testimony that upside inflation risks flagged in August are now materialising.Bullock went further still later in the session, saying there is a general consensus that the neutral interest rate has risen. That matters for how her other comments should be read, since a higher neutral rate implies that a given cash rate setting is less restrictive on the economy than it would have been under the old assumption, lending support to her suggestion that current policy may not yet be tight enough. She also said inflation risks are skewed to the upside, and that it is hard to look through inflationary shocks when they prove persistent rather than temporary, a framing that leaves the door firmly open to further tightening rather than a wait-and-see pause.Deputy Governor Andrew Hauser added his own voice to the message, saying the Board is totally committed to hitting the inflation target. Coming from the RBA's second-most senior official, the comment reinforces Bullock's tone rather than offering any softer counterpoint, suggesting the hawkish lean in Thursday's commentary reflects a broader Board view rather than the Governor speaking alone.Against that backdrop, UBS said it expects the RBA to raise rates two more times, taking the cash rate to a terminal rate of 4.85%. That call is notably more aggressive than the roughly 70% to 75% probability currently priced for a single 25 basis point hike at the Board's September 28-29 meeting, and implies the RBA's tightening cycle has further to run beyond whatever is delivered later this month. Taken together, Thursday's stream of commentary from Bullock and Hauser, alongside UBS's revised call, points to a rate path that markets may still be underpricing.Deputy Governor Hauser This article was written by Eamonn Sheridan at investinglive.com.