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On Thursday, BofA analysts forecasted that the Reserve Bank of Australia (RBA) will lower its cash rate target by 25 basis points, from 4.10% to 3.85%, at the upcoming meeting in May. This aligns with the consensus and current market expectations. The RBA is anticipated to adopt a cautious stance on monetary policy easing, as indicated by recent economic data.
The decision for a rate cut is supported by the first-quarter inflation and wage figures, which were consistent with the RBA’s projections. However, a decline in consumer spending momentum and increased risks to global growth have prompted the need for a rate reduction.
BofA expects the RBA’s press conference to echo the sentiments expressed during the February meeting, where the Governor highlighted caution and uncertainty regarding the inflation and growth outlook.
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