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RBA Unchanged, Along With Medium Term Inflation Outlook, A$ & Local Yields Lower

RBA

The RBA left rates on hold as widely expected. The RBA also stuck to the line of not ruling anything in or out. The forecast profile sees higher inflation in the near term but still returning to target by end 2025 and the mid point 2026. More details to follow.

  • No return to a hawkish bias, coupled with still broadly similar inflation projections, particularly towards the back end of the forecast profile has weighed on the AUD. We hit 0.6602 post the outcome, after tracking near 0.6630 prior. We have consolidated somewhat since, last near 0.6605/10, still off around 0.25%.
  • In the bond space, YM is + 7 (+5 post RBA), XM + 5 (+4 post RBA). Cash Bonds yields are 2-3bps lower post RBA.
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