Cash rate contrition

Citigroup has backflipped on its prediction that Australia's official cash rate won't be cut again this year, citing below trend Chinese growth.

Citigroup’s Australian economists have finally caved.

Paul Brennan and Josh Williamson, after weeks of maintaining a line the Reserve Bank of Australia would not cut its benchmark interest rate again this year, now say the cash rate will be trimmed to yet another record low, of 2.5%, next month.

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