**[Bitunix Analyst: Australian Reserve Bank Raises Interest Rate to 4.60%, Inflation Pressure Extends Global Tightening Cycle]** BlockBeats News, September 29 — Global inflation pressure has once again come under scrutiny. The Australian Reserve Bank announced a 25 basis point rate hike to 4.60%, stating that further tightening remains possible if necessary. Although Australia's consumer and housing markets have cooled, economic growth and inflation performance remain above expectations. Additionally, the Middle East conflict has driven up energy prices, and AI demand has fueled price increases for tech products, making it difficult for the central bank to ease monetary policy prematurely. This reflects that when energy and technology demand jointly push up costs, inflation may still limit the scope for global rate cuts, even as economic activity gradually slows. The commodity market is showing deeper supply risks. Deutsche Bank pointed out that the U.S. is stockpiling copper due to tariff expectations, compressing the availability of spot supply in other regions. In an extreme scenario forecast by the bank, if the stockpiling trend continues, copper prices could rise to $22,050 per ton by Q2 2027, though this is not the baseline prediction. What truly warrants attention is that global on-paper inventory does not equate to freely circulating supply; when inventory is locked in specific markets, even without significant demand increases, spot shortages could drive up prices and further escalate cost pressures for grid construction, AI data centers, and manufacturing. For financial markets, these two developments share a common transmission mechanism: rising energy and raw material prices could delay inflation's decline, forcing central banks to maintain higher interest rates for longer periods. If businesses simultaneously face rising financing and input costs, valuation pressure from discounting future profits will also increase. The subsequent market focus should not solely be on whether central banks will cut rates but also on whether energy prices, industrial raw material supply, and long-term bond yields are under simultaneous pressure. If cost-pushed inflation persists while economic growth gradually slows, global markets will face the dual challenge of stubborn inflation and elevated funding costs, potentially restricting the liquidity and valuation of risk assets.