Australia's central bank holds cash rate at 4.35%

Australia's central bank held interest rates steady on Tuesday as expected, while noting inflation was easing more gradually than hoped and it was vigilant to upside risks for price pressures. Wrapping up its May policy meeting, the Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35%, where they have been since a hike last November.

Markets had wagered on a steady outcome, but with some small risk of a rate increase given inflation had not slowed as much as hoped in the first quarter of the year.

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