On June 3, the coin market showed that the Reserve Bank of Australia may have no choice but to continue raising interest rates this year if inflation cannot slow, which would make it a potential exception to the global tightening cycle that has all but ended after the pandemic. Apart from Japan, which has started to raise interest rates this year, Australia will be the only developed economy where the coin market is still awaiting the possibility of a rate hike. Su-Lin Ong, RBC Australia's chief economist, said: "The RBA has little tolerance for an upward surprise in inflation data. If second quarter data confirms, albeit reluctantly, that the disinflationary trend has stopped, the RBA will be forced to raise interest rates."