The Reserve Bank of Australia (RBA) lifted rates by 0.25bps on Tuesday, now setting the target cash rate at 4.35 per cent.
While the rate rise was widely expected, it does highlight that the RBA still believes inflation is at a concerning level.
RBA governor Michelle Bullock also gave her first statement following a monetary policy decision.
In that statement, she said "inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago".
Governor Bullock did not rule out the possibility of future rate rises and instead stated that future decisions would be dependent on data and evolving assessments of risks.
US non-farm payrolls increased by just 150,000 in October against expectations of an 180,000 increase.
The result is down from 297,000 in September.
That decrease shows signs the labour market is cooling, and the labour supply is improving.
The unemployment rate also increased to 3.9pc for October, up from 3.8pc in September.
Wage growth also eased during the month.
Average hourly earnings (AHE) rose by 0.2pc month on month and 4.1pc year on year.
That figure is down from 4.3pc in September's data release.
Equities had a positive week across the board with investors hoping bad economic indicators will mean that the US Federal reserve is finished with its tightening cycle.
US stocks saw significant returns with the S&P 500 having its best week this year gaining 5.85pc with the NASDAQ rallying by 6.61pc.
While index performance last week was strong, US reporting season is still underway and not all companies have been reflecting this optimism.
Bloomberg has reported among companies that have issued guidance this earning season, more have provided estimates that fail to meet analyst expectations.
Across other global markets the Eurostoxx 600 index closed on Friday up 3.41pc over the week along with Japan's Nikkei which rallied by 3.09pc.
Australia's ASX200 was slightly lower than most other major indices but still finished the week up 2.22pc.
- This article does not take into account the investment objectives, financial situation or particular needs of any particular person. Before acting on any advice contained in this article, you should assess whether it is appropriate in light of your own financial circumstances or contact your financial adviser. Christopher Hindmarsh is an adviser at JBWere Limited. JBWere Limited AFSL 341162.
