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There is a much better than even chance of another rate cut before we are done.
He said financial markets were factoring in a 50% probability of another rate cut.
Some economists believed the producer price report reduced the odds of another rate increase later this month.
The figures add more weight to the idea of another rate rise by the Federal Reserve in December.
In their statement yesterday, Fed officials dropped language in their March 20 statement that investors interpreted then as signaling the possibility of another rate cut between sessions.
"Today's data will be seen as increasing the possibility of another rate cut by the RBA, perhaps as soon as August," he said.
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Word of the S&P downgrade Friday shook local municipalities, many of which had just weathered the scrutiny of another rating agency, Moody's Investors Service.
But while the Fed is most likely to remain in a holding pattern for the bulk of 2019, another rate rise toward the end of the year or in 2020 cannot be ruled out.
Stocks rose in nervous trading around midday as investors braced themselves for the possibility of yet another rate hike by the Federal Reserve.
In March Mr Ramírez began to offer a daily supply of dollars at another rate of about 50 bolívares.
The fact that US markets closed only marginally lower on Friday and posted gains last night suggests an absence of panic about another rate rise.
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