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VIEW: Westpac Expects Rates To Peak At 3.85% As Inflation Remains A Problem

RBA

Westpac chief economist Evans is predicting the RBA’s terminal rate will reach 3.85% in May, as the October labour market data show that the central bank still has a lot of work to do, as reported by The Australian.

  • Westpac expects 25bp hikes in December, February, March and May to bring rates to 3.85%, which is above consensus.
  • Evans said "A central bank, confronted with such developments, which decides to pause can only do so on the basis of clear confidence in their forecasts that inflation is set to ease significantly." And that the RBA is unlikely to choose "pre-emptive policy based on forecasts" and so the markets should be warned.
  • Westpac expects that inflation will be strong enough at the start of 2023 to keep the RBA tightening.

-The Australian

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