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

Wed, 29 Jan 2014

By Paul McBeth 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 levels. The bank expects to start this adjustment soon.” While a stron...

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