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ASX to fall as RBA set to lay out rate hike plan

·2-min read
The ASX board showing price movements and RBA Governor Philip Lowe.
The ASX is expected to fall today before the RBA releases it's rate hike plan. (Source: Getty)

ASX: The local market is expected to take heavy losses this morning after the US tumbled on inflation fears.

This comes after the Australian share market was higher across the board yesterday, as markets breathed a sigh of relief that the US wouldn’t raise interest rates aggressively.

Wall Street: US stocks sank on Thursday, giving back gains after a rally on Wednesday, as traders continued to contemplate the Federal Reserve's latest monetary policy decision.

Crypto: In less than 24 hours, the “relief rally” for cryptocurrencies following the Federal Reserve’s meeting was erased.

Unable to crest its key $40,000 price point during Wednesday's rally, Bitcoin tumbled from US$39,500 to US$36,300 per coin.

Cost of living: A Labor government would put downward pressure on inflation by increasing productivity as opposed to major spending offsets, Opposition Leader Anthony Albanese said.

This comes as Australians said addressing the soaring cost of living should be the main focus for whoever wins the upcoming federal election.

RBA hikes: The Reserve Bank of Australia is set to outline the possible path for interest rates after this week's decision to lift them for the first time in more than a decade.

The central bank will release its quarterly statement on monetary policy today, a report that will lay out a fresh set of economic forecasts and possible scenarios the economy faces.

Defence boost: Prime Minister Scott Morrison said his government would help train an additional 1,500 workers for the nation's defence industry under a $108.5 million election promise.

Climate summit: Australia could rebuild ties with the Pacific by co-hosting international climate talks in 2024 with its smaller and most vulnerable neighbours.

A report issued by the Australia Institute suggests hosting the event could ease diplomatic rifts, tackle climate change on the front line, and bring economic benefits from tourism.

Ukraine crisis: Ukraine has created its own state donation platform because of the Russian invasion.

"Here, in one click, you can donate funds to protect our defenders, to save our civilians and to rebuild Ukraine," President Volodymyr Zelenskiy said in a video message on Thursday.

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