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Minutes of the Monetary Policy Meeting of the Reserve Bank Board
Members commenced their discussion of the global economy by noting that headline inflation had declined further in most advanced economies, by a little more than expected in some cases, and that this had largely been led by energy prices over the prior year. However, core inflation remained well above the rates consistent with central banks’ targets and was proving to be persistent. While labour market conditions were gradually easing, conditions remained tight and unemployment rates were still at very low levels. Furthermore, members noted that wages growth remained above levels that would be consistent with many ... (full story)
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RBA minutes: credible path back to CPI target with cash rate staying at its present level
Reserve Bank of Australia minutes, Headlines via Reuters: • Board considered raising rates by 25bp or holding steady. • Board agreed on case for holding rates steady was the stronger one. • Board saw a "credible path" back to the inflation target with cash rates at current 4.1%. • Board agreed it was possible some further tightening might be needed. • Need for further hike would depend on data, evolving assessment of risks. • Inflation heading in the right direction, though service inflation too high. • Consumption had slowed significantly even as the full effect of past tightening yet to be felt. • ... (full story)
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