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RBA Interest Rate: Reserve Bank of Australia is likely to raise interest rate aggressively, taking cash rate to 4.60%.
News Source: https://www.abc.net.au/ The Reserve Bank of Australia (RBA) has been driven into a highly aggressive interest rate hike, raising the cash rate to 4.60%, the highest level since the start of November 2011. Financial markets and economists believe it is highly likely that the Reserve Bank will hike interest rates for the fourth time during its sixth meeting of the year, which takes place tomorrow. The RBA's cash rate goal would rise from 4.35 percent to 4.6 percent, the highest level since the beginning of November 2011, with another typical 25 basis point rate hike tomorrow. As unstable global oil crisis collides with domestic monetary policy, Australian consumer’s needs to be prepared for an aggressive double financial strike. The increasing conflict in the Middle East and drone attacks on refineries has caused the price of crude oil to rise above $100 US per barrel, pushing local bowser rates into a painful $2.70 per liter. Expectations of a prolonged halt in rates have been crushed by this strong gasoline shock. In order to reduce rising inflation, it is widely expected that the Reserve Bank of Australia (RBA) will respond by raising the official cash rate f...
