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Australia’s central bank holds rates, signals more hikes to come

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1 year ago

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Interest rates remain at 4.1 per cent, the highest level in 11 years

 
The Australian central bank held interest rates steady on Tuesday, saying it needed more time to assess the impact of past rate hikes, but warned that further tightening might be necessary to rein in inflation.

After raising rates by 400 basis points in May last year, the Reserve Bank of Australia (RBA) held its cash rate at an 11-year high of 4.1 per cent at its July policy meeting.

This is the most aggressive rate hike campaign in the bank’s modern history.

Markets had been pricing in a pause, but many economists had expected further rate hikes. Three out of Australia’s Big Four banks had expected a further rate hike, with only the Commonwealth Bank predicting the pause.

RBA Governor Philip Lowe said during the Tuesday meeting that that higher interest rates were working to strike a balance between supply in the economy

“In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month,” he said.

Lowe also repeated warnings that further tightening might be required as inflation remains elevated and is expected to be so for some time.

After pausing in April, the RBA resumed raising rates in June and May in an aggressive campaign that has many in the economy fearful of tipping into recession.

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‘Rust’ will premiere at the Polish film festival, three years after fatal incident

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2 days ago

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October 4, 2024

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The controversial film ‘Rust’, plagued by tragedy since 2021’s fatal on-set shooting involving Alec Baldwin, is finally set to premiere in Europe.

The movie faced extensive delays and legal challenges following the tragic incident that resulted in the death of cinematographer Halyna Hutchins.

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Biden is “discussing” support for Israel over Iran oil strike

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2 days ago

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October 4, 2024

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The Biden administration believes it’s still “appropriate” for Israel to continue its ground and air attacks on Hezbollah.

The Middle East is a tinder box as Israel retaliates to Iran’s bombing earlier this week as well as fighting Hamas, Hezbollah and the Houthis in Gaza, Lebanon and Yemen. But what are the economic and geo-political implications? #featured #trending

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Israel weighs response to Iran, Biden says he would not back nuclear site strikes

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2 days ago

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October 4, 2024

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After Iran’s unprecedented attack on Israel–the country is weighing its response.

Tensions in the Middle East are surging after Iran launched a missile attack on Israel, marking a significant escalation in the region’s ongoing conflict.

This development has raised concerns about broader military confrontations, with global powers closely monitoring the situation.

The attack has intensified fears of a wider regional war, as Israel responds with its own military actions.

Ruthie Blum, a former adviser at the office of Israeli Prime Minister Benjamin Netanyahu, a senior contributing editor at JNS, and the co-host of “Israel Undiplomatic” on JNS TV joins Veronica Dudo to discuss.

#IN AMERICA TODAY #trending #Israel #Iran #nuclerar #MiddleEast #Israelatwar

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