Goldman’s Andrew Boak has been more right than everyone so far.
In her post-meeting press conference RBA Governor Bullock noted that today’s decision to keep the policy rate unchanged at 4.10% was a consensus decision and that the Board did not explicitly consider a rate cut at the meeting.
Importantly, Governor Bullock did not repeat February’s guidance that financial markets are pricing too much easing this year – despite financial markets now pricing significantly more easing later this year (Exhibit 1).
