The Reserve Bank of Australia raised its interest rate by 25 basis points, to 4.85% per year, reaching the highest level since 2008, the Wall Street Journal writes. The regulator tightened the policy due to high inflation, which at the end of September exceeded 4% with a target level of 2.5%. As Reuters points out, the board members' votes were divided: three out of nine were in favor of keeping the rate, so markets expect a pause in the rate hike cycle at the next meeting in December.

The Reserve Bank of Australia raised its interest rate by 25 basis points, to 4.85% per year, reaching the highest level since 2008, the Wall Street Journal writes. The regulator tightened the policy due to high inflation, which at the end of September exceeded 4% with a target level of 2.5%. As Reuters points out, the board members' votes were divided: three out of nine were in favor of keeping the rate, so markets expect a pause in the rate hike cycle at the next meeting in December.