RBA holds rates, hawkish stance as underlying inflation persists
By Frank Prenesti
Date: Tuesday 24 Sep 2024
(Sharecast News) - Australia's central bank held interest rates and maintained its hawkish stance, saying policy would have to stay tight to combat stubborn underlying inflation.
The Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35%.
"While headline inflation will decline for a time, underlying inflation is more indicative of inflation momentum, and it remains too high," the RBA's board said in a statement.
"Data since then have reinforced the need to remain vigilant to upside risks to inflation and the board is not ruling anything in or out."
The move comes a week after the US central bank unveiled a bumper 50 basis point cut, sparking a rally in equities.
Reporting by Frank Prenesti for Sharecast.com
Special promo:
Trading the Forex Market? Visit FXmania.com to get advanced infomation about currencies and the Foreign Exchange
Market.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN