Why the RBA is predicted to deliver a third straight interest rate hike this week

While interest rate rises can’t affect the surging price of oil caused by Middle East turmoil, they are still the Reserve Bank’s best – and only – tool to fight inflationFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastOne economist is calling it the “Hormuz hike”.There’s a nearly 80% chance that the Reserve Bank will deliver a third straight interest rate rise on Tuesday, according to financial markets.Patrick Commins is Guardian Australia’s economics editor Continue reading...