Strong quarterly inflation figures sends market scrambling as odds on for interest rate hike at Reserve Bank’s Melbourne Cup Day meeting
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The Albanese government looks set for a dismal end to 2023 with the looming prospect of two Reserve Bank interest rate rises, compounding the disappointment of the failed voice referendum.
Wednesday’s surprisingly strong September quarter inflation figures prompted many economists to jettison views that official interest rates had peaked. Investors now price the odds of another quarter-point RBA hike to 4.35% on 7 November at 80%, doubling in a day, according to Bloomberg.
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