RBA Cautions About Over-Confidence on Further Rate Cuts
Today's must-reads:
• RBA deputy signals more rates cuts are uncertain
• Bank stocks rout shows profitability concerns
• Lithium producer sees positive signs
Australia's central bank still has 'work to do' to bring inflation down and doesn't yet share the market's confidence about the path of interest-rate cuts, Deputy Governor Andrew Hauser told us in an interview on Thursday. You can hear his comments in the Bloomberg Australia Podcast, as host Rebecca Jones and economy reporter Swati Pandey also break down this week's decision to finally cut rates.
The RBA was closely watching Australia's jobs data yesterday, which showed the unemployment rate rose further in January even as hiring exceeded expectations. Meanwhile, the CEO of Wesfarmers, one of the nation's biggest employers, told Bloomberg yesterday that more rate cuts are needed to boost consumer confidence.
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