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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI RBA Review - March 2023: Decisions To Be More Data Dependent
EXECUTIVE SUMMARY:
- The RBA hiked rates 25bp to 3.6% at its March meeting, which brought it closer to pausing. RBA Governor Lowe reiterated this in his speech on Wednesday. The meeting statement was less hawkish than February's with the removal of rate "increases" and the addition of "when" to the phrase regarding the size and timing of further moves. This makes the Board more data dependent and allows for a pause to be followed by a further rate rise.
- Governor Lowe was clear in his speech that inflation remains too high and that rates need to rise further. Upcoming data will be very important in determining the outcome of the April meeting. Another 25bp move is likely in April unless the data, especially on employment, are very disappointing. Whether there is a move in May is going to be highly dependent on Q1 CPI.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.