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Australia's household spending surges, lifting rate hike bets
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Australian household spending surged in October, boosting growth outlook. Three-year bond yields rose to 4.035%, highest since January. Investors see a potential rate hike in May 2024, with total tightening of 30 bps by 2026. ABS data showed a 1.3% rise in monthly household spending to A$78.4 billion. Discretionary and services spending increased. RBA may turn hawkish after inflation surged in Q3. Consumer mood optimistic, headline inflation at 3.8% in October.
Source: Reuters The copyright of this article belongs to the original author/organization.
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