1. RBA board could see overhaul
A review panel for the RBA is weighing up recommending if the votes of individual board members should be disclosed, or if dissenting views should be revealed, as is the case for some central banks overseas.

“In their first public signals about the topics the RBA review will probe, they outlined the possibility of a new board structure, sharpening up [the] accountability of the RBA for its interest rate decisions and improving the bank’s communication with the public,” the AFR reports.

2. Interest rates above 5% could be a reality for the Fed
To tackle surging inflation in the US - Core CPI, which strips out volatile food and energy components, advanced 6.3% - reports are circling that the Federal Reserve may have to raise interest rates above 5%, with the call being led by UBS Asset Management’s Barry Gill.

“We have had a persistent dynamic this year whereby people have consistently anticipated a topping out of the inflation rate, and it just hasn’t been materialising,” he told The Australian Financial Review.

“I think it matters that it’s surprising so many people because it is likely to prompt a much more severe reaction from central bankers as they try to get their heads and hands around inflation.

“That creates a more significant risk that they really try to put a brake on inflation, and as a result, put a significant brake on the economy and tip us into recession. So when you see an inflation print like the other day, it increases the probability of an accident,” Gill said.

3. Putin acknowledges concerns from China over Ukraine war
Russian President Vladimir Putin told his counterpart Xi Jinping he understands Beijing’s “questions and concerns” about his invasion of Ukraine, as the Chinese leader said the two countries could “inject stability and positive energy to a world in chaos.”

In their first in-person talks since the war began, Putin hailed “the balanced position of our Chinese friends on the Ukraine crisis” and offered to “explain in detail our position” on Ukraine. In short televised comments at the start of the meeting, the Russian leader also blasted what he called “provocations by the US and its satellites in the Taiwan Strait”.

Calling Putin “old friend”, Xi said, “China is willing to work with Russia, display the responsibilities of the major powers, and play a leading role to inject stability and positive energy to a world in chaos.”

4. Market movers over the last 24 hours

5. ASX to fall after Wall St extends losses
ASX futures were down 40 points or 0.58% to 6803 near 6.30am AEST, with the AUD
-0.7% to 67.01 US cents.

On Wall St: Dow -0.6% S&P -1.1% Nasdaq -1.4%.

In Europe: Stoxx 50 -0.7% FTSE +0.1% CAC -1% DAX -0.6%.

10-year yield: US 3.45% Australia 3.68%.