The Reserve Bank of Australia raised its cash rate to 3.85%, the highest since April 2012.
The Reserve Bank increased its cash rate to 3.85%, the highest level since April 2012 in a decision predicted by only nine of 30 economists surveyed. The other 21 as well as money markets had expected a second unchanged decision following April’s pause. The RBA has hiked 11 times since May last year.
The Aussie dollar jumped to 66.78 US cents after the decision while three-year bond yields rose to 3.17%. Both the Federal Reserve and the European Central Bank pushed ahead with hikes in the face of banking turmoil and financial market volatility and are expected to raise rates again at meetings this week.
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