At 0030GMT from Australia – Minutes of February 2014 Monetary Policy Meeting of the Reserve Bank Board are released.
While reading the minutes is always fascinating (cough) today’s may be a little less fascinating than usual.
It will be interesting to see the process whereby the clear switch to neutral monetary policy was reached. But since the minutes we’ve had the Statement on Monetary Policy (released February 7, here), which raised GDP growth and inflation forecasts after the AUD decline, and said there is likely to be a period of stability in rates given current outlook on prices and activity. So, while we can look to the minutes for the likely direction of policy, the Statement spelt it out pretty clearly.
Of course, since then we’ve had confirmation (once again) that job growth is slack (well, negative based on the most recent data release), but this is grist for the next meeting, not the February session.
