Minutes of November 2016 Monetary Policy Meeting of the Reserve Bank of Australia Board
Reuters with the quick headlines:
- Overall assessment was risks around inflation forecast were "broadly balanced"
- Underlying inflation expected to return to normal levels over time
- Economy seen growing close to potential next few quarters, before picking up further
- Repeats a rising A$ could complicate the economic transition
- Holding policy steady at this meeting consistent with growth, inflation goals
- Members noted bulk commodity prices had increased significantly
- Upward revision to terms of trade outlook was a "marked change", positive for economy
- Expected jobless rate to edge down, but underemployment still elevated
- Some signs wage growth had stabilised, but considerable uncertainty on labour market strength
- Significant uncertainty around household consumption, especially for heavily indebted
- House prices had picked up noticeably in Sydney and Melbourne
- Housing turnover and credit had slowed, large supply of apartments to come on stream
- Steadier China economy had reduced downside risks to global growth outlook
- Risks to global inflation outlook more balanced than for some time
Full text: Minutes of the November 2016 Monetary Policy Meeting of the Reserve Bank Board
--
A balanced sort of commentary from the RBA Minutes on what they are seeing. As I posted earlier, this meeting was followed by the release of the Statement on Monetary Policy a few days later. The Statement is a more comprehensive document than the accompanying statement each month and the minutes, so nothing of too much here in the minutes today of significance nor to surprise.
AUD/USD has given back 10 pips or so:
