VIEW: Westpac Pushes RBA Easing Call Back To Nov

Westpac note that "last Wednesday we released a bulletin in which we forecast that the RBA was set to cut the overnight cash rate to 0.1%; the three year target bond rate to 0.1%; the rate on the Term Funding Facility to 0.1%; and the rate the RBA pays on Exchange Settlement balances to 0.01%. We also forecast that the Bank would commit to further purchases of Australian and semi government bonds in maturities between 5 and 10 years. We expected that the action would be announced at the next Board meeting on October 6. We now expect the move will come a month later at the Board meeting on November 3."