Australia raises interest rates for first time in over a decade

SYDNEY—The Reserve Bank of Australia raised its benchmark interest rate for the first time in more than a decade, acting to rein in high inflation that threatens the country’s economic recovery from the Covid-19 pandemic.

The RBA raised the cash rate to 0.35% from 0.10% and signaled that further hikes are likely as it seeks to bring long-term inflation back towards its 2%-3 target. %. This represents a significant shift in gears from the RBA, which as recently as March had shown patience even as other global central banks set the stage for aggressive policy tightening measures. monetary.


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