Thanks afternoon crew.
End-of-day wrap:
Aussie shares reversed initial losses after the Reserve Bank left benchmark rates on hold to assess the impact of previous hikes on the economy.
The ASX 200 flipped a ten-point loss into a closing gain of 33 points or 0.45%. The reversal came swiftly after the 2.30 pm AEST announcement the central bank decided to leave the cash rate target unchanged at 4.1%. Economists had been evenly split ahead of today's meeting on whether the bank would hike or hold.
RBA Governor Philip Lowe said, "The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so. In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month. This will provide some time to assess the impact of the increase in interest rates to date and the economic outlook."
However, he added "Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve."
The dollar and bond yields retreated. Rate-sensitive property and financial stocks were among the session's best performers, with support from resource and consumer companies.
