RBA to hold rates in May, only cut once by end-year- Reuters poll

Subject of emergency alert message arrested - May 2, 2024 | SaltWire #dartmouth #update #suspectBENGALURU - Australia's central bank will hold its key policy rate at 4.35% for a fourth straight meeting on Tuesday and at least until end-September, according to a Reuters poll of economists who forecast just one interest rate cut this year.

"They were late to start hiking, have not hiked as high as other major central banks, so expecting them to start cutting prematurely was odd from our point of view. If they were to cut, and then have to reverse course soon after, it would have destroyed their credibility." All but one of 37 economists in the April 30-May 2 poll expected the RBA to hold its official cash rate at 4.35% at the end of its two-day policy meeting on May 7. One expected a 25 basis points hike.

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