Shares will have an upbeat start on Monday ahead of a busy week with the RBA policy meeting, national accounts data and a final speech by governor Phil Lowe.
The Reserve Bank will keep the cash rate on hold for the third month in a row on Tuesday with inflation slowing, but economists say the threat of a re-acceleration of price growth means rates could go up again.
“This week’s National Accounts will inevitably show the impact on our economy of high interest rates, high but moderating inflation and continuing global uncertainty,” said Jim Chalmers on Sunday. “We’ve been clear and upfront that we expect growth in our economy to slow considerably over the next year.”
after a jump in unemployment in the United States gave the Federal Reserve breathing room on interest rates.Data released in the US on Friday showed the August unemployment rate rose to 3.8 per cent while wage inflation slightly eased. Non-farm payrolls rose more than expected, but data for July was revised lower.
Fed funds further reduced the chances of another rate increase by December, ascribing a 36 per cent chance of a move, from 50 per cent late August.RBA certain to hold rates steady on Tuesday
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