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MNI RBA Review - December 2022: 25bp Hike, Time To Assess Data

EXECUTIVE SUMMARY

  • The RBA hiked rates 25bp to 3.1%, as was widely expected. This brought the cumulative tightening this cycle to 300bp and the cash rate to just above the mid-point of the central bank's estimated range for neutral.
  • Forward guidance was broadly unchanged suggesting that the RBA's tightening bias remains in place. But there were some additions to the statement which give the Board flexibility when it meets again on February 7 after time to assess "incoming data", global developments and its revised forecasts.
  • Given the continued tightening bias, that Q4 CPI prints on January 25 and the RBA's inflation forecasts above target, we expect a further 25bp hike in February with another one possible in March given wages print on February 22.
  • Click to view full review:

    • RBA Review - December 2022.pdf


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Central Bank ReviewHomepageRBA -ReviewCentral Bank ReportsMarkets

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