Will they or won’t they? Two pieces of domestic data this week could make or break the case for a rate pause.
Markets are keenly awaiting two pivotal pieces of economic data which could “make or break” the Reserve Bank’s decision to lift rates or keep them on hold next month, as global central banks balance the need to fight inflation with preserving financial stability.
Many market watchers are now expecting Reserve Bank governor Philip Lowe to hold rates at the next meeting.. ASX futures were down 3 points or less than 0.1 per cent to 6980. “What the services subcomponents say about inflation trends will be as important as the headline given the limitations of the monthly indicator,” NAB economist Taylor Nugent said.rebounded in January to show 1.9 per cent growth, seasonally adjusted, as household spending defied inflation and higher borrowing costsCBA forecasts retail trade contracted 0.3 per cent month-on-month in February based on its own internal card spending data. Westpac and ANZ both forecast modest increases, of 0.
Two of the four data points have since been released and were stronger than expected, bolstering the case for an eleventh consecutive rate rise, with the unemployment rateAdvertisement Futures markets expect the central bank to keep rates on hold at its next meeting, but most economists forecast another 0.25 percentage point increase, lifting the cash rate to 3.85 per cent from 3.6 per cent.
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