RBA Hikes Rates as Iran Sanctions Uncertainty Continues

The Reserve Bank of Australia (RBA) raised its cash rate target by 25 basis points to 4.65%, marking the fourth hike in the current tightening cycle.

This decision was unanimous, with the Board citing persistently high inflation and judging that further tightening in financial conditions is warranted.

The RBA noted that due to the three increases in the cash rate since the beginning of the year, the economy appears to be slowing, but it remains prepared to raise rates further if needed to return inflation sustainably to target.

In other news, Iran's oil prices edged higher amid continued uncertainty over US sanctions relief talks.