The rate that slows the nation
Tuesday 7th November 2023
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NAB still firmly expects the RBA to lift interest rates today. As Talor Nugent observes, in a Bloomberg survey, 29 of 32 economists are expecting a hike. It\u2019s a safer punt than anything on the Melbourne Cup today, although markets are still pricing a 30% chance that the RBA will keep rates on hold. We also get a sneak peak at the RBA\u2019s forecasts today, with the detail provided in Friday\u2019s Monetary Policy Statement. Meanwhile, markets have turned a little, after last week\u2019s bond and equity rally, built on the growing belief that the Fed will drop rates starting mid-2024. Elsewhere, the BoJ Governor has reiterated a lift in rates this year is very unlikely \u2013 hardly a surprise given its November \u2013 and Robert Holzmann has said the ECB could still raise rates, if necessary.
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