Another month, another look at interest rates
Yay, it’s Reserve Bank board meeting day… The consensus among the big banks is that we’re not likely to see a rise in the official cash rate when the announcement comes through at 2.30pm today. That means if they hold steady, the current rate of 4.1% will be with us for a third straight month. Weighing on the board will be the recent signs that inflation is slowing. Last week, data showed the rate has dropped to a 17-month low of 4.9% in July, down from 5.4% in June. That’s still above the Reserve Bank’s 2-3% inflation target, which has economists flagging one more potential rate rise in November to help bring inflation down. And another thing to note – it’s Governor Philip Lowe’s last meeting before he hands the reins over to Michelle Bullock. That’s a cake occasion for shizzle…
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