Oil Surge Fuels Rate Hikes
September saw a renewed focus on inflation as escalating geopolitical tensions pushed oil prices back above US$100 per barrel. The resulting pressure on energy costs has complicated the outlook for central banks, with interest rates and bond yields moving higher globally.
In response, the RBA raised the policy rate for the fourth time this year, bringing the cash rate to 4.60%—its highest level since 2011. With inflation remaining above target and energy costs continuing to rise, the outlook for interest rates remains a key focus for markets.
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