Here’s the current OIS market pricing for the RBA cash rate following its March monetary policy meeting earlier today.
The chart comes courtesy of Martin Whetton, interest rates strategist at ANZ. He posted on Twitter earlier this afternoon.
While markets continue to price in a small probability that the cash rate could be cut in the months ahead, longer-term, traders now think that it’s more likely than not that the RBA will lift rates by this time next year.
That’s a stark shift in sentiment to that seen only months ago.
You can follow Martin on Twitter here.