What are the odds? The RBA has raised interest rates – for no real reason other than to meet the desires of speculators

‘Early in January there was almost no prospect of a rate rise … This all changed on 22 January. And rather oddly the reason it changed was not due to any new data on inflation, but on unemployment,’ writes Greg Jericho. Photograph: Bianca de Marchi/AAP

Has there been an interest rate rise more desired by some economists and commentators despite no real reason, than the one pushed for on Tuesday? Alas, the Reserve Bank listened to the noise and felt compelled to raise the cash rate to 3.85%, but one wonders if they listened more to the noise of the commentariat than the data.

In Tuesday’s announcement, the RBA monetary policy board barely changed anything from its December statement.