So do the money markets.But if the March decision to push rates another quarter of a percentage point higher was a close-fought boardroom battle, this meeting is shaping up to be even more fraught.The last decision shocked most observers by going down to the wire with a five-to-four vote in favour of a hike.While she's never given any indication of her vote, RBA governor Michele Bullock has been vocal about the need to control inflation.So, it's safe to assume the governor had the deciding vote on an evenly split board.It's a neat illustration of the competing fears of this crisis unfolding across the globe.Half the board is clearly worried about inflation getting out of control, while the other half is more concerned about the dangers of grinding back demand and tipping the economy into recession.And nothing in the past few weeks is likely to have changed their positions Why, they ask, are they being punished by higher interest rates, for the crime of being slugged by higher fuel prices?It only takes a minor nudge on interest rate hikes to tip the balance and send the economy into recession.The Australian dollar has been on a tear since November.From about 63 US cents, it yesterday marched across the 72c barrier, a 15 per cent lift in the space of six months.Few economists focus on the dollar, but a strengthening currency can have a serious dampening impact on inflation.Outlook Economics director Peter Downes says Australia is far more sensitive now to exchange rate movements than during the 1970s oil crisis.Back then, we imported about 12 per cent of our consumer goods