SYDNEY : Australia's major banks are lifting their forecasts for interest rates in the wake of a decidedly hawkish turn in central bank messaging, and despite some downward surprises on wages and jobs data in recent weeks.Westpac on Friday became the latest to revise up its expected peak for rates by a qu
SYDNEY : Australia's major banks are lifting their forecasts for interest rates in the wake of a decidedly hawkish turn in central bank messaging, and despite some downward surprises on wages and jobs data in recent weeks.
Rates are already at a decade-high of 3.35 per cent, but the Reserve Bank of Australia was still warning that at least two more hikes would likely be needed to be sure of taming inflation, which has persistently surprised on the high side. All were trailing the market, which had priced in 4.1 per cent two weeks ago and was now flirting with the chance of a 4.35 per cent peak, in part reflecting rising expectations for U.S. rates following a run of strong data there.
"By the time of the June meeting, we expect that there will be credible evidence that demand is slowing, labour markets are easing and risks of a wage/price spiral have receded," Westpac chief economist Bill Evans said.
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