Business
ASX rises; Westpac forecasts October rate cut to 0.1pc – The Australian Financial Review
Australian shares are trading firmly higher; NAB, Westpac tip RBA cash rate and yield curve target will be cut to 0.1 per cent; UK introduces new lockdown measures; Preliminary retail sales fall 4.2 per cent in August; RBNZ keeps rates on hold.
Westpac is forecasting the Reserve Bank of Australia will cut the cash rate to 10 basis points when it meets in October.
The bank is also tipping the RBA will adopt a 10 basis point three year bond target and adjust the rate on any new drawdown on the term funding facility to 10 basis points.
Westpac chief economist said deputy governor Guy Debelle’s speech on Tuesday gave a fairly clear hint the board would cut the cash rate and other key policy rates when it next meets on October 6.
Westpa…
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