Wednesday 7th JUne 2023

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The RBA lifted interest rates yesterday, against the prevalent market expectation. NAB’s Taylor Nugent says it was always a question of “when and not if”, but now there are expectations of at least one follow-up hike at some point this year. The reason, obviously is the central bank’s concerns over persistently high inflation, which OECD numbers yesterday showed was a persistent theme across the developed world. So, the questions ofr today – what will Philip Lowe say at his speech (with Q&A session) in Sydney this morning, and what will the Bank of Canada do later. Their decision is also finely balanced.

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