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- Michele Bullock takes over at Australia's central bank with soft landing in sight
Michele Bullock takes over at Australia's central bank with soft landing in sight
According to Reuters, when Michele Bullock takes over as the first woman to lead the Reserve Bank of Australia (RBA) on Monday, she will inherit an economy with moderating inflation, robust employment, and continued development.
After rising interest rates aggressively for more than a year, the Reserve Bank of Australia (RBA) has been on pause for three months. Markets expect Bullock to maintain them in her first meeting as governor next month, and some economists believe her first policy shift would be a rate cut.
The RBA hiked interest rates by 400 basis points (bps) to an 11-year high of 4.1% in the 13 months through June, while the Consumer Price Index (CPI) slowed from 8.9% in December to 4.9% in July. The bank projects that it will bring to the RBA's target band of 2% to 3% by the end of 2025.
Market reaction
AUD/USD gains momentum following the statement, up 0.20% on the day to trade at 0.6442, as of writing.
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