ANZ has warned that the RBA’s decision to slow the pace of interest rate rises risks propping up consumer demand and extending the duration of the current tightening cycle.
ANZ has warned that the Reserve Bank of Australia’s decision to slow the pace of interest rate rises risksFollowing the RBA’s surprise decision on Tuesday to increase the official interest rate by a smaller-than-expected 0.25 percentage points to 2.6 per cent, the big four bank upgraded its forecast for the peak rate to 3.6 per cent.
The Reserve Bank of New Zealand on Wednesday pressed ahead with a 0.5 percentage point increase in its cash rate, taking it to 3.5 per cent, in the most aggressive tightening cycle in two decades.Advertisement “But who knows what transpires next year,” he said, noting that was when the bulk of the RBA’s interest rate rises would begin to bite.
Tuesday’s dovish decision surprised financial markets and economists given the continued flow data showing continued strong consumer demand.
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