Thanks afternoon crew.
End-of-day summary:
The share market fell for the first time in six sessions after the Reserve Bank raised benchmark rates because inflation was proving "more persistent than expected".
The ASX 200 was underwater ahead of the afternoon rates announcement and pared its by a few points after the bank appeared to soften its forward guidance. The index finished 20 points or 0.23% in the red. Tech stocks, telcos and utilities rose. Banks, property companies and resource stocks declined.
The central bank raised the cash rate target by 25 basis points to a 12-year high of 4.25%, as widely expected, but amended the language concerning future decisions. Where last month's statement said, "Some further tightening of monetary policy may be required", this month's statement was more ambiguous: "Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks."
The bank said inflation was still too high and "progress looks to be slower than earlier expected". Stock prices initially added to losses before reversing.
Today's dip followed a consolidation session in the US overnight, where the S&P 500 edged up 0.18%.
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