TD Securities analysts point out that the RBA has delivered two cuts as was factored into the May SoMP forecasts.
Key Quotes
“We expect the Bank to revise its near term GDP forecasts lower by 0.25% pts following a soft Q1 GDP print but raise its near term unemployment rate forecasts by 0.25% pts. Should the Bank maintain its longer term forecasts, the weaker starting point would imply the Bank needing to cut to hit its forecasts.”
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