In summary from the WPAC note revising their call, citing the inflation data released in Australia yesterday
- Last week we predicted a “jumbo” 40 basis point lift in the cash rate in June in response to a significant lift in the expected print for underlying inflation. The actual lift was even more than we expected and makes the case for an immediate move of 15 basis points next week. We do not see the print as sufficient to change our target increase by June of 40 basis points suggesting a 25 basis point move in June.
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The RBA next meet on May 3. Lift off has been a long time coming:
