RBA: Now looking for a 40bp rise to 0.75% next week – ANZ By MSalordFX RBA Banks
data on Wednesday, economists at ANZ Bank shifted their expectations and now see the RBA raising the cash rate by 40 basis points at the June meeting.“From a policy perspective, there were two critical elements of the Q1 national accounts data. The first was the strong growth in average hourly earnings, calculated by the RBA as up 5.2% y/y. The second was that the broadest measure of consumer inflation had its highest quarterly increase since 1990 .
“The RBA could confound us all and decide to go by 50bp, but we think the fact a 40bp move was discussed in May makes it a more likely choice. More than 50bp seems unlikely given that the RBA meets monthly. We can’t rule out thesticking with a cautious approach and tightening by 25bp, but with policy still exceptionally stimulatory we think a bigger move of 40bp is more likely.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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