Household borrowers are set to be spared from further pain at the Reserve Bank’s May meeting, yet all eyes will be on governor Michele Bullock’s post-meeting press conference for clues on the path ahead for interest rates.
With household borrowers already stomaching 13 rate hikes since the central bank began its tightening cycle, Tuesday’s decision could bring more bad news.
Economists are noticeably less pessimistic about the path of interest rates, with consensus forecasts showing the RBA’s next move will be down from November at the earliest. AMP’s economists do not expect a 25 basis point rate cut until the RBA’s final meeting of the year, scheduled for December. “Given the RBA’s ostensible resolve to return inflation to target within a reasonable time frame, it can ill afford to look past the upside surprises in the latest CPI and labour market data.”
Su-Lin Ong Former Reserve Bank Post-Meeting Press Conference Labour Market Cash Rate Interest Rate Outlook Market Data Consensus Forecasts Michele Bullock Emphasises Patience Case Rate Shane Oliver Household Borrowers Royal Bank Of Canada Labour Market Data Abhijit Surya Dylan Coker Cash Rate Increases Rate Hike Discussion Upside Surprises Interest Rates Staff Forecasts Basis Point Rate Basis Point Chief Economist Household Spending Data Rate Call Interest Rate Decision Money Market Investors Newswire-Business Central Bank Philip Lowe Rate Hikes Hawkish Forecast Changes
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