“Inflation is a crucial challenge over the next one or two years,” she said, just minutes before the minutes of the November meeting of the RBA board explained why it had delivered another rate rise, taking the cash rate to 4.35 per cent. Bullock has long talked about the pain that will be caused if inflationary expectations become embedded in the psyche of Australian households and businesses, and it is essentially this risk, Tuesday’s minutes showed, that forced the bank’s hand on Melbourne Cup day. But she arrived at the ASIC Forum with some more messages on the inflation fight….