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RBA meets; might struggle to stay neutral
The Reserve Bank of Australia made a major shift in policy in February by signalling that a rate cut was just as likely as a rate hike, abandoning its long-held tightening bias. However, investors have gone a step further and are pricing a 25-basis point reduction in the cash rate by August. With recent economic data suggesting the RBA’s recently downgraded growth forecasts are already looking overoptimistic, the RBA will have a hard time maintaining its current neutral stance and could be tempted to join its New Zealand counterpart in making another dovish turn. The Bank is due to announce its latest policy ... (full story)
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