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MNI RBA Review - June 2023: More Tightening As Inflation Risks Rise

RBA
  • The RBA surprised markets and most analysts again with a 25bp hike bringing rates to 4.1%, a cumulative 400bp of tightening this cycle. Increased upside inflation risks and growing concerns regarding meeting the inflation target by mid-2025 drove the move.
  • The central bank retained its tightening bias, as there were few changes to the statement and the final guidance paragraph was the same as May’s word-for-word. This suggests that the central bank has not finished and further moves in the months ahead are highly likely.
  • With the tightening bias retained, inflation risks to the upside and confidence the inflation target will be reached by mid-2025 needed, further hikes are in the pipeline. The upcoming meetings are all “live”.
  • See full review here.
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