Australia: Difficult decision lies ahead for the RBA – UOB – by pabspiovano RBA Australia CentralBanks InterestRate Banks
Headline CPI came in at 0.8% q/q for 2Q23, lower than expectations of 1.0% q/q, and the reading of 1.4% q/q in 1Q23. Compared to the same period a year ago, CPI rose 6.0% y/y, also lower than expectations of 6.2% y/y, and the 7.0% y/y print in 1Q23.
The Reserve Bank of Australia is aware that rates are “clearly restrictive”, and there is a chance they remain on pause at 4.10%. However, we look for a further 25bps rate hike, keeping in mind that inflation rates remain substantially above the RBA’s target band of 2-3%. The decision on 1 Aug, will nonetheless, be a close call. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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