A signal from the Reserve Bank's led Westpac to hike rates - and one economist expects other banks could follow. 

Westpac lifted two five-year fixed rates by 30 basis points yesterday.

The bank's chief economist, Kelly Eckhold, says it seems the Reserve Bank's unlikely to cut the OCR again any time soon. 

"We kind of expected that they would cut the rate by 25 basis points, but we didn't expect them to call time on the easing cycle. It sort of scared the markets a little bit." 

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