The US Federal Reserve last week slashed its key interest rate for the first time since 2008 after the RBA’s two consecutive cuts in June and July brought Australia’s cash rate to a new record low of 1 per cent. The board meets in Sydney this afternoon for its August meeting, and while most economists expect the RBA to hold, financial markets are now tipping another 25 basis point cut to 0.75 per cent. On Monday, ASX cash rate futures were pricing in a 57 per cent expectation of a cut today, a sharp increase from 49 per cent last Friday. The market has fully priced in a rate cut by October or November. Speaking to the ABC on the sidelines of a Kalgoorlie mining conference on Monday, Mr Howard said he was “not sure that these interest rate cuts have been the right thing to do”. “I think we’ve cut interest rates probably far enough already, perhaps too far,” he said. “But I don’t think my advice will be taken. A number of reasons why we came through the GFC so well is that our interest rates were higher when we entered the GFC and the central bank had… Read full this story
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