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ASX surges 2.4pc in best session in two months – The Australian Financial Review

The ASX rallied to its best session in two months on Wednesday as bond proxies and banks jumped on market speculation of a new RBA interest rate cut.

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Westpac now forecasts the Reserve Bank of Australia will cut its cash rate to 0.1 per cent, adopt a 10 basis point three-year bond target, and adjust the rate on any new drawdown on the term funding facility to 10 basis points when it meets in October. The bank cut its cash rate twice in March to the current 0.25 per cent.
“The theme is likely to be, as we saw in March, a Team Australia moment where the Reserve Bank is directly supporting a bold federal budget,” said Westpac chief economist Bil…

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