Reserve Bank of Australia Hikes Cash Rate to 4.60% Amid Inflation Concerns

The Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 4.60% on Tuesday, a move widely anticipated by markets. This decision comes as the central bank continues to address hotter-than-expected inflation, with the latest monthly CPI data showing headline inflation at 3.5% year-on-year, remaining above the RBA's 2-3% target. The hike contributes to global equity declines and rising Treasury yields, reflecting broader inflation concerns.