Reserve Bank of Australia (RBA) Maintains Rates, but Likely to Cut Later in the Year
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Most share markets rose over the last week as the Fed finally pivoted towards rate cuts and numerous central banks left rates on hold. The positive global lead and the flow on from the Fed’s pivot to expectations for RBA rate cuts next year saw the Australian share market surge 3.4% for the week. Bond yields fell further on the back of falling interest rate expectations for next year. The US share market is now just 1.6% below its record January 2022 high. The Fed is expected to start cutting interest rates in the June quarter. The ECB is likely to start cutting rates in April. The BoE is likely to start cutting around mid-2024. The RBA is expected to trail behind other global central banks in cutting interest rates. The RBA has been slow to respond to inflation pressures post-pandemic, an...
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