AUD - Westpac say again they expect the RBA to hike the cash rate in February 2023

WPAC view on the Reserve Bank of Australia.

• Following the September quarter Inflation Report we confirm our forecast that the first rate hike (15 basis points) by the RBA will be in the March quarter, 2023, with the February 1 Board meeting being the most likely timing.

The note from WPAC is long and detailed but I think this key:

Remember that the RBA believes that, in this cycle, it is justified in being patient to ensure a sustainable result. The almost "impatient" approach now embedded in markets may be underestimating the significance of the Governor's commitment to moving patiently- only when the objectives of inflation and full employment have been firmly achieved rather than forecast.
Markets should be more aware that the rules of policy in Australia have changed.