Australia's central bank ends 2024 with a dovish pivot, jolting markets [CNBC]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: CNBC
The Australian dollar fell 0.8% to $0.6380 and there-year bond futures rallied 5 ticks to 96.26, the highest since October. Swaps now imply there is a split chance of a rate cut in February, with a first easing more than fully priced in by April next year. Wrapping up its December policy meeting, the Reserve Bank of Australia kept the cash rate unchanged at 4.35% where it has been all year. The statement omitted a previous line that the RBA Board was “not ruling anything in or out” as well as policy needing to remain restrictive. Markets have heavily wagered on a steady outcome as RBA Governor Michele Bullock has repeatedly said that underlying inflation is still too high for rate cuts in the near-term, including just two weeks ago. “Recent data on inflation and economic conditions are still consistent with these forecasts, and the Board is gaining some confidence that inflation is moving sustainably towards target,” said the board in a statement. The RBA has held its policy
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