The author examines the patterns of trading behavior in the period surrounding monetary policy announcements. Utilizing a high-frequency dataset, with broker identifiers enabling classification of trades executed through institutional and retail brokers, the author investigates all trades submitted on the Australian Securities Exchange over the period of December 2007 to December 2014. The author identifies a rapid, asymmetric, price adjustment to the announcement, which is larger when the target rate decision results in lower-than-expected rates, and is accompanied by a sharp increase in market activity. Institutional brokers tend to execute trades more quickly following the announcement, and target more liquid large-cap stocks. Trades executed through institutional brokers appear to be more profitable, although profits are concentrated in buy trades. The evidence supports the notion that institutional investors have an advantage in processing the news resulting from target rate decisions.