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Australia’s Biggest Bank Now Sees First RBA Hike in November ‘22
Commonwealth Bank of Australia brought forward its forecast for the Reserve Bank’s first interest-rate increase by six months to November 2022 after upgrading its economic outlook in response to the nation’s “remarkably high” vaccination rate. CBA now sees the economy expanding 3.5% this year, versus a previous 3%, due to the earlier reopening of New South Wales and Victoria states amid rapid vaccination take up, according to a research note released Thursday. The bank also boosted its growth forecast for 2022 to 4.4% from a prior 4%. “Vaccination rates will be a key driver of health outcomes from here and ... (full story)