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Minimal change to the RBA outlook after today’s decision

Here’s a look at the OIS curve before and after today’s meeting:

That pretty much says it all in terms of how impactful the policy decision and statement was. Essentially, traders are still not pricing in any more rate hikes for the RBA from hereon.

The central bank kept the language that “some further tightening may be required” but we all know that is just there to try and keep inflation expectations in check. Adding to that is growing uncertainty on the impact of China’s slowdown towards the Australian economy itself, and the RBA has even less reasons to pursue any further tightening rather aggressively at this stage.

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