CommSec’s Tom Piotrowski says the “afterglow” of Tuesday’s RBA statement has been “short-lived”.
“Overnight, we’ve heard from the head of the US Federal Reserve Jerome Powell – he’s testified in the first of two sittings,” he told Sky News Australia.
“Today he’s talking to the Senate banking committee, or he did earlier on, and he kind of really set the tone here for what he’s going to be telling the lawmakers over the next day.” Mr Piotrowski said the markets have concluded that any potential for a moderation in rate hikes is “a thing of the past”.
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