Westpac made their ‘pause’ forecast for the Reserve Bank of Australia lat week (March 17).
Analysts at the bank have issued a note confirming that call. And saying they expect a rate hike at the May 2 meeting.
WPAC note (bolding is mine):
- The Minutes from the March Board meeting included the unusual: “Members agreed to reconsider the case for a pause at the following meeting, recognising that pausing would allow additional time to assess the outlook for the economy.”
Signalling aspects of the decision process at the upcoming meeting is something I have not seen in previous Board Minutes. This approach indicates that there is arguably a preference for pausing.
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Earlier posts on the RBA:
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Back on Tuesday we had data showing the CPI lower in February:
From the RBA website with that lower February number: