Inflation cooled more than expected in the December quarter, sending the S&P/ASX 200 to a new record high today, closing at 7,680 points. The previous high was set in August 2021 reaching 7,629 points.
Every sector finished higher today, with Energy, Utilities, and REITS leading the gains.
Money markets are now predicting rate cuts by mid to late 2024, after inflation slowed to an annual pace of 4.1% in the December quarter, suggesting the RBA’s tough work in reigning in inflation might just be done.
More to come.
Rick Maggi