RBA Surprises The Markets!
Mar 3rd, 2009 | By Chuck Butler | Category: Financial NewsEverything but Treasuries trades heavily… Fundamentally speaking on Australia… Bank of Canada to cut rates today… Tell me your story… And Now… Today’s Pfennig!
Everything but Treasuries trades heavily… Fundamentally speaking on Australia… Bank of Canada to cut rates today… Tell me your story… And Now… Today’s Pfennig!
World stocks took yet more losses Tuesday, with Europe shares hitting a record low, a day after most equity markets suffered a thorough battering at the hands of investors fearful for the global financial system.
Australia’s central bank took the hatchet to its benchmark interest rate Tuesday, cutting 75 basis points to 5.25%, the lowest since March 2005. Since the start of September, the Reserve Bank of Australia cut interest rates three times for a total of 200 basis points, in an attempt to insulate the economy from the global financial crisis.
Let’s get right to the point and suggest that Reserve Bank of Australia deputy governor Rick Battelino was talking to the banks yesterday and not anyone who lives on planet Earth, or Terra Australis Incognito, where last we heard, inflation was running at 4.5% on a yearly basis.