Please find below a quick note from Westpac’s Bill Evans changing his rate cut call from next week to August. From the release (below):
The Reserve Bank Board meets next week on June 4. Financial market and real economy developments since the May 7 meeting, at which rates were cut by 25bps to 2.75%, have, on net, not been supportive of an immediate follow-up move. As a consequence, we now anticipate that the next move is likely to be delivered in August. The medium term case for lower interest rates remains very clear. We retain our position that the terminal cash rate will be 2.00%, with single moves in August, late 2013 and early 2014.
Westpac – Interest Rates on Hold (31 May 2013)
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