Analysts at Australia and New Zealand (ANZ) banking group said in the latest research report that the Australian Q2 inflation data doesn’t change their call for a 50 bps rate hike by the Reserve Bank of Australia (RBA) in August.
Economists at Goldman Sachs revise their call for the Reserve Bank of Australia (RBA) August rate hike after the Australian headline inflation data missed expectations.
Analysts at TD Securities (TDS) change their call on the Reserve Bank of Australia’s (RBA) rate hike decision for its August meeting. "We had forecast a 75bps RBA hike at next week's meeting. We now expect the Bank to hike 50bps at the meeting", noted.
The Reserve Bank of Australia (RBA) board members decided to increase the official cash rate (OCR) by 50 basis points (bps) from 1.35% to 1.85% at its August 2 monetary policy meeting. The central bank said the hike was a further step in the "normalization" of policy, dropping a previous reference to removing "extraordinary" stimulus in its policy statement.
At its July 5 monetary policy meeting, the Reserve Bank of Australia (RBA) board members decided to raise the official cash rate (OCR) by 50 basis points (bps) from 0.85% to 1.35%, as widely expected.
Following are the key headlines from the July RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe. "Board expects to take further steps in the process of normalising monetary conditions."
The Reserve Bank of Australia (RBA) board members announced a 50 basis points (bps) hike to its official cash rate (OCR), lifting it from 0.35% to 0.85% at their June 7 monetary policy meeting. The RBA surprised markets once again to the upside, as they had priced in a 25 bps lift-off.
Following are the key headlines from the June RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe. "Inflation in Australia has increased significantly. Committed to doing what is necessary to ensure that inflation in Australia returns to target over time."
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.
Lowe on his profile and Wikipedia.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.
