Australia’s central bank raised interest rates by a half-percentage point for a fourth consecutive meeting and signalled further hikes ahead in its drive to rein in inflation. The Reserve Bank took the cash rate to 2.35%, the highest level since 2015, in a widely expected announcement yesterday. The tightening is Australia’s quickest in a generation with the cycle beginning in May at a record-low 0.1%. The decision reflects a resolve among global central bankers to keep increasing borrowing costs until inflation meaningfully eases, even at the cost of economic growth. RBA chief Philip Lowe has been pushing rates toward 2.5%, close to a neutral level that’s neither expansionary nor contrac
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