Eamonn had the inflation report earlier in the day here.
The key figure from the release was that the annual trimmed mean inflation reading was seen at 3.7% and that is above the RBA target band of between 2% and 3%. That sort of marks that the RBA is 'behind the curve', something in which they are working to close the gap at the start of the month here.
That said, many analysts were expecting the first hike to come around June but now we are seeing said calls be brought forward.
ANZ is now calling for the RBA to hike rates by 15 bps to 0.25% next week. Adding that "a cash rate target of 0.10% is inappropriate against this backdrop".
Meanwhile, AMP is also saying that "we now expect the RBA to start hiking at its May meeting next week and by 0.40%". CBA though is maintaining that the RBA will not move until June.
