Reserve Bank Hikes Rate, Markets React

0:00What's up? I'm Corey with The Story, and these are your headlines from Sydney News today. Australia's Reserve Bank raised its cash rate to 4.1% yesterday, marking the second hike in as many months. The decision passed by the Narrowist Margin, with five votes in favor and four against. This slim majority has slashed the odds of another increase in May from 100% to just 41%. Our bankers seem wary after past inflation surprises from the post-COVID era and Ukraine conflict. Now, supply disruptions from the Iran War are pushing prices higher here, where inflation outpaces other major economies. The bank is first among eight advanced nations meeting this week, and is leading on hikes while others eye cuts. Markets reacted steadily overnight. Wall Street ended modestly higher, with a Dow of 0.1%, the S&P 500 gaining 0.3% and the NASDAQ, climbing 0.5%, a surge in oil prices cooled some enthusiasm.

1:01The Australian share market closed up 0.4% at 8,614 points on Tuesday. Futures point to a slight 0.1% rise at the open, around 8,665 points. The Aussie Dollar rebounded 0.5% to 71 U.S. cents. People jumped 3.3% to $103.47 per barrel, while spot-gold dipped slightly to $5,001 per ounce. Keep an eye on how trading unfolds today amid these global tensions. This story is made possible by our sponsor, see the episode description. Sully Pillow is a pillow with built-in headphones, lay back, press play, and disappear into what you are listening to.