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RBA’s shock call to hold rates based on jobs, inflation: minutes

Jonathan Shapiro
Jonathan ShapiroSenior reporter
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The Reserve Bank board chose to shock financial markets and hold the cash rate steady at 3.85 per cent because of a resilient jobs market, evidence of stubborn inflation in monthly data and a pick-up in spending.

But the board strongly hinted that the cash rate would ultimately be lowered from its “moderately restrictive setting”, minutes of its meeting on July 7 and 8 show.

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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
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    Original URL: https://www.afr.com/policy/economy/rba-s-shock-call-to-hold-rates-based-on-jobs-inflation-minutes-20250722-p5mgvy