0500 GMT -- The Reserve Bank of Australia is the top entity in the news over the past four hours, according to Factiva data, after the central bank raised the official cash rate by 25 basis points. The RBA increased the rate to 3.10%, tacking the same increment on for a third straight month, despite evidence that inflation may be peaking. Economists had forecast a 25bp increase in the rate, even though annual inflation moderated to 6.9% in October from 7.3% in September. RBA Gov. Philip Lowe said the bank's rate-setting board "recognizes that monetary policy operates with a lag and that the full effect of the increase in interest rates is yet to be felt in mortgage payments" and that household spending is slowing, but to what extent is uncertain. He called the path to a soft economic landing a narrow one. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
12-06-22 0015ET
