The Reserve Bank teetered on the edge of leaving interest rates on hold this month, according to the minutes from the central bank’s board meeting. But go up they did… Deputy Governor Michele Bullock says it was due to concerns about worsening inflation. That’s led some analysts to foreshadow a pause when the board meets again in a fortnight, but many are predicting another couple of rate rises in the coming months. Regardless, Bullock says she and her colleagues are watching employment figures closely. That’s because if the rate rises are working, our economy will be cooling as intended – which could see the unemployment rate increase from its current 3.6% to 4.5%. The challenging conditions are having an effect if Best & Less’ note to investors yesterday is anything to go by… The budget-friendly retailer says sales are down by more than 13% since mid-May, and foot traffic is lagging.