RBA on hold, moves a tad more neutral

RBA on hold

The Reserve Bank of Australia kept interest rates on hold, as expected, at 4.35 per cent.

There wasn't too much dovish rhetoric delivered today.

Inflation remains above target, and although wage price pressures have eased, there are challenges around productivity, and returning inflation to target remains the priority...and so on.

That said, the fact that a hike wasn't explicitly considered perhaps represents something of a move to a neutral bias.

There was a move of around 10 basis points from the highs of the day for the 3-year bond yield.

The ABS releases the monthly inflation figures for August later in the week.

The median market forecast is for headline inflation to slow all the way down to just 2.7 per cent over the year - partly thanks to government subsidies - but with core inflation remaining well above target.

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