The Reserve Bank of Australia raised interest rates by a quarter-point to an 11-year high. The central bank has hiked rates by a whopping 400 basis points since May last year, the most aggressive tightening cycle in its modern history
The hawkish message sent the local dollar surging and bond yields spiking, as markets quickly moved to price in an above even chance of a further rate increase next month.
"The omission of this sentence reads hawkish in our view and may spell further rate hikes ahead from the RBA." In the policy statement, Lowe said the latest rate increase will "provide greater confidence that inflation will return to target within a reasonable timeframe."
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