, Columnist
Australia’s End to the Easing Cycle Sends a Global Warning
An economy running hot.
Photographer: Brent Lewin/BloombergThe Reserve Bank of Australia's interest rate increase on Tuesday was a courageous step. Not because it goes against the global trend toward lower borrowing costs. Nor for any element of surprise — most economists tipped the move.
The quarter-point hike to 3.85% is worth applauding because it matched word with deed.