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Interest rates: RBA decision not as certain as markets think

Interest rates RBA decision not as certain as markets think
While investors viewing the first post-pandemic rate cut as a near certainty, economists say low unemployment and resurgent spending could keep cash rate on hold.

Low unemployment, resurgent consumer spending and persistently high inflation in the United States could lead Reserve Bank governor Michele Bullock to keep the cash rate on hold despite markets viewing the first post-pandemic rate cut as a near certainty.

That’s the view of some leading economists including Warwick McKibbin, who served on the RBA board from 2001 to 2011 and argues there is not a strong argument in favour of cutting the official cash rate for the first time in more than four years at Tuesday’s eagerly awaited meeting.

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