Friday, January 30, 2009

Odds on RBA dropping Interest by 1%

From WA Business News, "The Reserve Bank of Australia is tipped to slash the official interest rate next week to 1960s levels as it continues to try to mitigate the impact of worsening global economic conditions. All 17 economists surveyed by AAP expected the central bank to slash the cash rate next Tuesday to stimulate a domestic economy facing its first recession in 18 years.

Nine economists, a majority, expect the cash interest rate to be cut by 100 basis points, following the RBA's February 3 board meeting, which would take the cash rate to a 45-year low of 3.25 per cent - its lowest since 1964 when regulators set it at 3.18 per cent."

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