UPDATED Wheeler keeps OCR at 2.5 percent, expects to start hiking rates ‘soon’

Wed, 29 Jan 2014

(Adds economist comment, updates market reaction) By Paul McBeth and Tina Morrison Jan. 30 (BusinessDesk) - Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent, while saying the rate will have to rise soon as inflationary pressures escalate in an economy with “considerable momentum”. “The bank remains committed to increasing the OCR as needed to keep future inflation near the 2 percent target mid-point,” Wheeler said in a statement. “In this environment, there is a need to return interest rates to more-normal le...

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