Thanks afternoon crew.
The RBA wrong-footed the market (and most economists) by raising the cash rate target to 3.85% this arvo and warning further hikes may be necessary to contain inflation.
For anyone playing catch-up, the ASX 200 plunged about 60 points in a minute. The Australian benchmark finished the day 67 points or 0.92% in the red. (A timely reminder that traders need to be careful what they carry into "risk events".)
Borrowing-dependent property stocks led the rout. Energy and industrials were already weak. The major banks and miners swung from mixed to collectively negative.
It is the Federal Reserve's turn tomorrow night. They're also expected to hike. US equity futures were flat at the Australian close.
