Finally, an interest rate reprieve – but a ceasefire in the Middle East doesn’t have the RBA popping champagne yet

‘I want to be very clear that inflation remains too high’ … Michele Bullock speaks to the media after Tuesday’s RBA rate decision. Photograph: Dean Lewins/AAP

It will take more than a ceasefire in the Middle East to prevent the Reserve Bank from hiking interest rates again.

That was the strong message from the RBA governor, Michele Bullock, after the central bank held its cash rate at 4.35%, putting an end to a run of three increases.