RBA to leave the cash rate at 2½% tomorrow for 15th consecutive month and their updated forecasts on Friday will be little changed. Until we see a meaningful shift in the drivers of growth and inflation the RBA will leave the cash rate at 2½%. Market pricing puts greater chance next move is a cut. Can’t be ruled out but the economy would need to much weaker than even we are forecasting. Next move still likely to be up but a long way off
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