The RBA lifted the official cash rate by 25 basis points to 4.10%, its highest level since early 2012. It marked the second-straight surprise hike in a row.
The Australian dollar and bond yields surged, while stocks fell on Tuesday after the Reserve Bank of Australia delivered a second-straight surprise interest rate hike, cautioning that that might not be the end of it.
The... The Australian dollar and bond yields surged, while stocks fell on Tuesday after the Reserve Bank of Australia delivered a second-straight surprise interest rate hike, cautioning that that might not be the end of it. The RBA lifted the official cash rate by 25 basis points to 4.10%, its highest level since early 2012. RBA Gov. Philip Lowe, who last week warned that higher wages and a lack of productivity growth could lead to more hikes, said in a statement that “further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable time frame.” Whether or not more hikes will be carried out depends on the evolution of the economy and inflation, he added.
“Last month the RBA surprised the markets by unexpectedly hiking the cash rate by 25bps to 3.85%. Only days before that decision the RBA had been heavily criticized for being too slow in spotting the inflation surge seen at the end of 2021, and through 2022,” wrote Hewson.
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