SYDNEY (June 6): Australia's central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target. Wrapping up its June policy meeting, the Reserve Bank of Australia (RBA) hiked the cash rate to 4.1%, saying inflation is still too high and that it wanted to prevent high price expectations from becoming entrenched. Markets had been leaning towards a pause, although they had priced in a sizeable 40% chance that the RBA would hike by 25 basis points.

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