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MNI BRIEF: RBA Hikes, Sees More Coming As Data Remains Driver

(MNI) LONDON
(MNI) Perth

RBA hikes rates by 50bps to 2.35% and warns of further hikes as taming inflation is viewed as a prerequisite for a strong economy.

True

The Reserve Bank of Australia has signaled further rate hikes to come over coming months after raising the Official Cash Rate by 50bps to an near eight-year high of 2.35% and close to its estimated neutral rate. (See MNI STATE OF PLAY: RBA To Hike 50 As Inflation Stays Priority).

The bank nodded to its estimate of the nominal neutral rate of 2.5% by replacing its prior language regarding "the normalisation of monetary conditions" with sharper language foreshadowing a more restrictive stance by signaling its intention to "increase interest rates further over the months ahead".

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The Reserve Bank of Australia has signaled further rate hikes to come over coming months after raising the Official Cash Rate by 50bps to an near eight-year high of 2.35% and close to its estimated neutral rate. (See MNI STATE OF PLAY: RBA To Hike 50 As Inflation Stays Priority).

The bank nodded to its estimate of the nominal neutral rate of 2.5% by replacing its prior language regarding "the normalisation of monetary conditions" with sharper language foreshadowing a more restrictive stance by signaling its intention to "increase interest rates further over the months ahead".

Keep reading...Show less