- The Reserve Bank of Australia (RBA) held the Official Cash Rate (OCR) steady at 4.35% for the fifth meeting in a row at its June meeting. It marks the longest on-hold period since May 2022, when the rate hike cycle began.
- The RBA board noted in a statement that "the economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth.”
- It would be some time yet before inflation is sustainably in the target range and the recent data had reinforced the need to remain vigilant to upside risks to inflation, according to a statement.
- The US Retail Sales increased 0.1% MoM in May following the 0.2% decline in April, missing the estimation for an increase of 0.2%, the Commerce Department reported Tuesday.
- Boston Fed President Susan Collins stated on Tuesday that there are possibilities of one or two interest rate cuts from the Fed later this year, but the central bank must be patient amid volatile readings on inflation, per Reuters.
- Richmond Fed President Thomas Barkin said on Tuesday that he needs to parse several more months of economic data before considering cutting the interest rate
- The Reserve Bank of Australia (RBA) held the Official Cash Rate (OCR) steady at 4.35% for the fifth meeting in a row at its June meeting. It marks the longest on-hold period since May 2022, when the rate hike cycle began.
- The RBA board noted in a statement that "the economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth.”
- It would be some time yet before inflation is sustainably in the target range and the recent data had reinforced the need to remain vigilant to upside risks to inflation, according to a statement.
- The US Retail Sales increased 0.1% MoM in May following the 0.2% decline in April, missing the estimation for an increase of 0.2%, the Commerce Department reported Tuesday.
- Boston Fed President Susan Collins stated on Tuesday that there are possibilities of one or two interest rate cuts from the Fed later this year, but the central bank must be patient amid volatile readings on inflation, per Reuters.
- Richmond Fed President Thomas Barkin said on Tuesday that he needs to parse several more months of economic data before considering cutting the interest rate
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