BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

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MNI RBA Preview - February 2024: Prolonged Hold From Cautious RBA

RBA
  • The RBA is unanimously expected (Bloomberg consensus) to leave rates unchanged at 4.35% at its February 6 meeting given lower-than-projected Q4 CPI and activity data have been soft since the last meeting. But it is likely to be too soon to remove the tightening bias given still elevated domestic price pressures and tight labour market.
  • Talk of rate cuts is probably too soon and the Board may want more time to assess activity and price developments. Thus, a prolonged hold is certainly possible. Given heightened data dependency, the first rate cut is likely to coincide with a meeting that includes new quarterly CPI data and updated forecasts, thus making August more likely than June.
  • This will be the first meeting that includes recommendations from the RBA review and there will be significantly more communication.
  • See full preview here.
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