RBA to deliver 25 bp interest rate hike on Nov. 7
© Reuters. FILE PHOTO: An ibis bird perches next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz/File PhotoBENGALURU - Australia's central bank will raise its key policy rate by 25 basis points to 4.35% on Tuesday after keeping borrowing costs steady at its last four meetings, as inflation proves surprisingly strong, a Reuters poll found.
If realised, this will be the first hike from the RBA under the governorship of Michele Bullock who said the central bank would not hesitate to hike further if there is a material upward revision to the inflation outlook. "The expectation was the RBA would hike in November for some time and the reason was because the RBA's forecast looked too optimistic on inflation through the second half of this year," said Taylor Nugent, senior economist at NAB.
All major local banks - ANZ, CBA, NAB, and Westpac - expect the RBA to hike rates by 25 basis points next week. "At the moment the RBA appears like it will hike 25 basis points, but the risks are definitely skewed towards more action. If we do see a hike in November...it's much more likely we're going to see another hike rather than cuts anytime soon," said Madeline Dunk, economist at ANZ.
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