Australia unexpectedly hikes rates, hints at more tightening ahead
Publishing timestamp: 2023-05-02 01:17:54
Summary
The Reserve Bank of Australia surprised markets by raising its cash rate by 25 basis points to 3.85%, going against market expectations. The central bank cited the need to ensure that inflation returns to target in a reasonable timeframe. The Australian dollar strengthened while stocks in Australia fell. The central bank also left the door open for more rate hikes ahead to bring inflation down to its target of 2% to 3%.
Sentiment: NEUTRAL
Tickers: AU10Y-AU, AUD=, .AXJO,
Keywords: business news, australia 10 year bond, s&p/asx 200, australian dollar/us dollar fx spot rate, prices, economic events, world markets, central banking, asia economy,
Source: https://www.cnbc.com/2023/05/02/resesrve-bank-of-australia.html