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Daily Alert: RBA joins the club

  • The most eye-catching markets development of the past 24 hours has been yet another lurch higher in interest rates, as central bank rhetoric turns ever-more hawkish in response to spiking inflation and tight labour markets
  • As well flagged in yesterday’s missive, the RBA duly ditched the word “patience” from its Statement, effectively signalling the inflation and labour market outlook is now conducive to lifting the cash rate and thus ending a long stand-off with the market about when it would do so
  • The RBA’s hawkish shift had a big impact on antipodean markets, despite the fact it’s been widely anticipated for some time

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