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MNI STATE OF PLAY: RBA Taps Brakes, Sees Slower Pace Of Hikes

MNI (PERTH)
MNI (Perth)

THe RBA becomes the first major central bank to slow its policy tightening, triggering a sharp repricing of the terminal rate as it reverts to 25bps hikes.

The Reserve Bank of Australia has become the first major central bank to slow its pace of tightening by declaring its frontloading of monetary policy was over through a smaller-than-expected 25bps hike to 2.6%.

The sixth consecutive rate hike since its May meeting has delivered a cumulative 250bps of tightening and leaves the Cash Rate Target at its highest level since 2013, with the Bank justifying the slowing in its tempo to a business-as-usual 25bps increase by noting rates had "increased substantially" in a "short period of time." (See MNI BRIEF: RBA Surprise 25bp Hike, More Seen In "Period Ahead)

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The Reserve Bank of Australia has become the first major central bank to slow its pace of tightening by declaring its frontloading of monetary policy was over through a smaller-than-expected 25bps hike to 2.6%.

The sixth consecutive rate hike since its May meeting has delivered a cumulative 250bps of tightening and leaves the Cash Rate Target at its highest level since 2013, with the Bank justifying the slowing in its tempo to a business-as-usual 25bps increase by noting rates had "increased substantially" in a "short period of time." (See MNI BRIEF: RBA Surprise 25bp Hike, More Seen In "Period Ahead)

Keep reading...Show less