![]() ![]() Instead, Lowe has shown that the board is getting impatient that inflation – which still sits at 7 per cent at the headline level – remains a long way from its target of between 2 per cent and 3 per cent. ![]() RBA governor Philip Lowe has shocked the market and economists. Having been (rightly) criticised for suggesting that interest rates could remain on hold, then castigated for the fastest rate-tightening cycle in history and undermined by the recent review of the RBA, Lowe has delivered a rate rise that the market and most economists didn’t see coming.Īlthough it was seen as possible that the RBA would raise the official cash rate by 0.25 of a percentage point to 3.85 per cent in the coming months as it fired a final salvo against inflation, it was widely expected that last week’s softer-than-expected core inflation data would let the central bank stay on hold. ![]() Reserve Bank governor Philip Lowe must be a glutton for punishment. ![]()
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