CBA write “the March RBA Board Minutes contain little new information for market participants – the April Board meeting is ‘live’ and members will consider the case to leave policy on hold.”

• “Recent communication from the RBA strongly hints that the Board would like to pause in their tightening cycle at the April meeting if the upcoming retail trade and inflation data provides evidence that demand is sufficiently cooling in the economy.”
• “The recent turbulence in global financial markets due to the failure of Silicon Valley Bank is likely to be a secondary consideration for the Board at the April meeting given the Australian banking system is very well regulated and capitalised.”
• “We continue to marginally favour a 25bp rate hike in April, but that call will be under review over the next two weeks.”