HSBC wasn’t part of the latest Bloomberg survey here, but they did previously forecast the RBA to move at the end of this year to raise its cash rate. Now they join CBA and ANZ to have shifted their timing of the RBA’s rate hike call to next year.
On the move, HSBC cites “weak wage outcomes with a very patient rhetoric from the RBA and a bit more weakness in the housing market than expected” as reasons for the call.
This is Bloxo’s fourth capitulation from memory. I would like to bring you the note but, mysteriously, I have dropped off the HSBC mailing list!