Australian Inflation Boosts Case for Higher-for-Longer Rates [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Australia's inflation came in faster than expected in the first three months of 2024, suggesting price pressures are proving sticky and bolstering the case for the Reserve Bank to hold interest rates at a 12-year high. The consumer price index advanced 3.6% from a year earlier, coming in above economists' estimate of 3.5%, government data showed Wednesday. A closely watched core inflation gauge — the trimmed mean — rose 4%, also exceeding forecasts and well above the RBA's 2-3% target. Article content Article content Money markets wound back pricing for RBA easing this year, with the yield on policy sensitive three-year government bonds up 14 basis points to 3.99%. Swaps traders are now pricing a one-in-four chance of a rate cut in December from about a two-in-three chance prior to the report. The Aussie dollar climbed 0.5% to 65.23 US cents a
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Earnings
- 2/28/24 - Beat
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- 5/3/24 - Form 424B2
- 5/3/24 - Form 424B2
- RY's page on the SEC website