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The Reserve Bank of Australia is expected to keep the cash rate on hold today when Michelle Bullock heads her first meeting as Governor.

The Motley Fool Chief Investment Officer Scott Phillips says the market is expecting “Michelle Bullock will sit pat”.

“In terms of what the RBA is trying to achieve, there is no real sense that Michelle Bullock is going to come and upset the apple cart.”

Mr Phillips said Bond Yields and the stock market are assuming there’s “probably going to be” another rate rise “at this point this year”.

“In economists' and the bond market's minds, November might be the month we need to be a little bit careful of,” he said.