A push back from the Reserve Bank against the financial markets.
The central bank kept the Official Cash Rate at 5.5% and signalled that no cuts are on the immediate horizon.
It's also kept the door open for another rise if inflation pressures are stronger than anticipated.
Infometrics Principal Economist Brad Olsen told Tim Dower that markets had been getting excited in recent weeks, wondering how quickly they could cut rates.
He says the Reserve Bank doesn't meet for another three months, so leaving that sort of view unchecked and allowed to come through would have been dangerous for them.
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