Reserve Bank governor Michele Bullock might have to practise her poker face ahead of a crucial inflation print that could prompt traders to double down on bets on a Melbourne Cup day rate hike.
Coincidentally, Ms Bullock and fellow top Reserve Bank officials are scheduled to appear on screen at a Senate estimates hearing on Wednesday as the Australian Bureau of Statistics releases September quarter inflation data.
Rate watchers will be on high alert for any sign of a wince rippling across her features if the data confirms the quarterly trimmed mean - the Reserve Bank's preferred measure of underlying inflation - was above the board's forecast.
Citi economists Josh Williamson and Faraz Syed expect the quarterly trimmed mean to print at one per cent, implying annual growth of about 3.6 per cent.
The Reserve Bank's August forecasts implied a quarterly increase of about 0.8 per cent.
But Mr Williamson and Mr Syed said the data would likely be irrelevant.
They think the outcome of the November 3-4 board meeting is already a lay-down-misere.
Reserve Bank deputy governor Andrew Hauser's hawkish comments at a Citi conference last Wednesday - when he said the inflation outlook appeared "materially worse" - indicated even a result of 0.9 per cent would get the board over the line on a hike, the Citi analysts said.
Market pricing for a November rate rise jumped above 50 per cent following Mr Hauser's remarks.
Expectations for a rate hike had been scaled back following soft jobs data that showed the other side of the Reserve Bank's dual mandate - full employment - was also coming under pressure.
Economists at NAB still expect the Reserve Bank to hold the cash rate at 4.6 per cent, despite also predicting the trimmed mean to rise one per cent over the quarter.
There is enough evidence of below-trend growth and gradual easing in the labour market to forecast inflation returning to target as the fuel cost shock fades, NAB senior economist Taylor Nugent said.
Further signs of the Reserve Bank's thinking on the economic outlook are expected when its chief economist Sarah Hunter appears in a pre-recorded interview on Nine's 60 Minutes on Sunday night.
Another assistant governor, Brad Jones, will take part in a panel at the AFR Super and Wealth Summit on Monday, but the discussion is more likely to cover the Reserve Bank's ban on card surcharging than monetary policy.
Wall Street investors are meanwhile looking ahead to a busy slate of corporate earnings and a Federal Reserve interest rate policy meeting.
The Dow Industrials and S&P 500 closed lower on Friday while technology shares steadied to end a turbulent week for the market-driving AI trade.
Australian share futures climbed 43 points, or 0.48 per cent, to 13,854.
The benchmark S&P/ASX200 index finished Friday up two points, or 0.02 per cent, to 8795.2, but was down 0.13 per cent for the week.
