Reserve Bank of Australia Governor Philip Lowe said more interest rate increases are likely in the coming months as the central bank will do what is necessary to ensure that inflation returns to the target range over time.
Although the interest rate is still very low, the governor played down the market expectations for an increase in the rate to 4 percent by the year-end as such an action would damage household spending. Lowe also said that a recession is not on the horizon.
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