Breaking: RBA raises rates by 25 bps to 4.10% in June, hawkish surprise

Following a surprise 25 basis points (bps) rate hike delivered in May, the Reserve Bank of Australia (RBA) board members decided to hike the Official Cash Rate (OCR) by another 25 bps to 4.10% at its June policy meeting, a hawkish surprise once again.

According to the latest Reuters poll. nearly a two-thirds majority of economists, or 21 of 32, expected the RBA to hold its benchmark interest rate at 3.85% this Tuesday.