RBA predicted to hold rates for the 'foreseeable future' following latest inflation data

Sky News Business Reporter Ed Boyd says the Reserve Bank of Australia is expected to keep rates on hold for the “foreseeable future" following the latest inflation figures. Mr Boyd’s remarks come as the Australian Bureau of Statistics revealed on Wednesday that the annual inflation rate dropped to 3.6 per cent in March. “The Reserve Bank needs to get inflation down to its target band of two per cent to three per cent, and right now, with inflation in the March quarter at 3.6 per cent – it’s a bit higher than they would like,” Mr Boyd said. “They are obviously going to need to keep interest rates elevated for a longer period of time. “So inflation today is a little bit more than expected, which basically means the cash rates at 4.35 per cent. “Expect the RBA to keep interest rates on hold for the foreseeable future.”