Indices 01/05, page-4

2313 GMT - It's notable that Westpac Chief Economist Bill Evans has not only walked away from a forecast that the RBA would raise the official cash in May to 3.85%, but he has also called the peak in this cycle. One of the more closely followed RBA watchers, Evans says 1Q CPI data were compelling in that they confirmed inflation peaked in 4Q22 and is falling in 2023. The RBA will remain vigilant and retain a tightening bias that will feature for some time in its guidance. But over time its validity will fade, Evans adds.