Fed Rate Shock Waves Hit Australia: IMF Cuts Growth Outlook as RBA Decision Looms

The US Federal Reserve fired its first interest rate hike since 2023 overnight, lifting the federal funds rate by 25 basis points to 3.75-4% — and the shock waves are reverberating straight through to Australia. Fed Chairman Kevin Warsh's post-meeting remarks triggered a sell-off in both stocks and bonds globally, while the IMF simultaneously downgraded Australia's economic growth forecast, warning the RBA may have no choice but to follow suit.

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