Australian central bank holds rates steady for second month

Australia's central bank on Tuesday held interest rates at 4.1% for a second month saying past increases were working to cool demand, but warned some more tightening might be needed to curb inflation.

Wrapping up its August policy meeting, the Reserve Bank of Australia (RBA) forecast headline inflation would slow to around 3.25% by the end of 2024 and be back within its 2-3% target range by late 2025.

Markets had leaned toward a steady outcome given recent data showed inflation had eased for a second quarter and consumer spending was softening.

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