News Snapshot:
The Reserve Bank of Australia (Central Bank) decided at a policy-making meeting on the 3rd to raise the official cash rate guidance target, which is the policy interest rate, by 0.25 points to 0.35%. At a post-policy press conference, Australian and central bank governor Rowe suggested that additional rate hikes would be needed in the coming months. According to a Bloomberg economist survey, most expected a 0.15 point rate hike. “The Policy Board is committed to taking the necessary steps to ensure that Australia’s inflation rate returns to its target over time,” Rowe said in a statement after the policy...
