ANZ best at forecasting rate calls: Tweet of the day

Borrowers looking to take a punt on future cash rate decisions by the RBA should listen to ANZ, according to CommSec chief economist Craig James.

ANZ was the only major bank to correctly tip the RBA to leave the cash rate unchanged yesterday at 3.25% with Westpac, Commonwealth Bank and NAB all forecasting a rate cut.

James tweeted:

Best interest rate forecaster this year: ANZ. I've looked at the 10 meetings. Most economists got it right on 7 of 10 meetings.

The chief economist at ANZ is Warren Hogan.

The other economists (polled by Bloomberg last week) that correctly tipped the cash rate to remain on hold yesterday were from Barclays Capital, Citi, Goldman Sachs, J.P Morgan, Merrill Lynch and TD Securities.