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The response to the RBA meeting yesterday is a 25bp rate cut priced for December 2024

Started by forex4you, Aug 07, 2024, 06:30 am

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The response to the RBA meeting yesterday is a 25bp rate cut priced for December 2024

Westpac Financial Markets Strategy team on the Reserve Bank of Australia yesterday. This in brief:

  • The RBA meeting was seen as slightly hawkish, a slower return to
    the inflation target, as it remains more persistent and 'approaches'
    rather than 'hits' the target.
  • OIS markets, which have completely
    changed their risk profile in the last few weeks, shifted 2-3bp higher
    but have a cut priced for December 2024.
  • Further out the curve, bill
    futures moved by 20-25bp from high to low, though only a small
    amount came after the RBA meeting.
  • In the RBA press conference, Governor Bullock reiterated the
    board did consider a rate hike for the August meeting as well as the
    result being a hold. She said a rate cut is not on the agenda in the
    near term.

Good stuff.

ICYMI, Justin was all over the RBA yesterday:



                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: The response to the RBA meeting yesterday is a 25bp rate cut priced for December 2024

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