Reserve Bank of Australia November policy meeting minutes
- board prepared to do more if needed, policy focused on bond buying
- outlook dependent on successful containment of the coronavirus
- not sensible to cut rates further, negative rates extraordinarily unlikely
- board does not expect to raise rates for at least three years
- no hike until actual inflation sustainably within 2-3% target band
- need wage growth to be materially higher, significant gains in employment
- monetary and fiscal support to be required for some time
- easing now would have greater impact given recent fiscal stimulus
- low rates a global phenomenon, affect exchange rates and asset prices
- near-term economic outlook had improved a little in Australia
- global outlook uncertain given surge of new cases, European lockdowns
Headlines via Reuters
All very cautious from the RBA. AUD not caring, cracking to a new high for the session. NZD bolting to its highest since March of 2019.
Full text: Minutes of the November 2020 Monetary Policy Meeting of the Reserve Bank Board
