Australia unexpectedly hikes rates, hints at more tightening ahead

on May 02, 2023 07:38:AM

Australia’s central bank in a surprise move raised its cash rate by 25 basis points on Tuesday. The Reserve Bank of Australia said, “Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe.” The Australian dollar strengthened 0.9% after the move while stocks in Australia […]