Westpac: RBA to Cut Rates for First Time in May Next Year

FXStreet News on November 21st, West Pacific Bank is now expecting the RBA to begin cutting interest rates in May next year, later than the previous forecast of February. Chief Economist Luci Ellis said: “Similar to some peers’ forecasts, we expect the initial rate cut to be to some extent preemptive, with consecutive cuts expected at the end of May and early July.” This differs from the previous expectation of a quarterly rate cut by West Pacific Bank. However, West Pacific Bank still expects the Intrerest Rate to drop from the current 4.35% to a lower limit of 3.35% by the end of next year.