Australia Is the First Major Developed Country to Pause Tightening Since the Outbreak of US Banking Crisis

The Reserve Bank of Australia has become the first major developed country central bank to suspend interest rate hikes since the outbreak of the banking crisis. On Tuesday, in the face of weak inflation data and basically flat unemployment rate, the Reserve Bank of Australia announced the suspension of interest rate hikes, keeping the policy rate at 3.6%, the first central bank in a major developed country to suspend interest rate hikes since the outbreak of the banking crisis. Prior to this, the Reserve Bank of Australia had raised interest rates 10 times since May last year, with a cumulative hike of 350 basis points.