![]() This broadly follows aggressive actions by the other central banks but there are diverging views in Australia on the timing and quantum of future rises in the cash rate. The financial markets are expecting further rate hikes to contain inflationary with the implied terminal cash rate of close to 4% to be reached around mid 2023. With consecutive increases in the official cash rate in May (0.25%) and June (0.50%), and a 63% market expectation of outsize move of 0.70% to 1.50% at the July RBA Board meeting, the tightening cycle is well underway. Will bank term deposit rates move up in line with expected cash rate increases?
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