While the bank maintains its call for a rate cut in May, it argues that consecutive moves in February and April were never likely—particularly given the hawkish tone the RBA struck at its last meeting. “The Board made it clear that February’s cut was not a signal of more to come,” Westpac noted, adding that a follow-up move in April would risk undermining the RBA’s credibility.
Other fiscal measures unveiled in recent weeks—including tax and spending initiatives—are seen as too modest to materially alter the central bank’s view, despite some short-term shifts in market pricing.
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0330 GMT2330 US Eastern time
Reserve Bank of Australia Governor Bullock will follow up an hour later with her news conference.
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