Reserve Bank of Australia
Headlines via Reuters
- No mention in minutes that board considered option to raise rates
- Board agreed it was difficult to either rule in or out future changes in cash rate
- Economic outlook uncertain but risks seemed broadly balanced
- Would take "some time" before board could be confident inflation returning to target
- Upside risks to inflation had not yet materialised, while consumption was very weak
- Inflation high but gradually returning toward target, labour market easing
- Gap between demand and supply in economy "closing relatively quickly"
- Board judged demand would continue to exceed supply for a time
- Labour market a little tighter than consistent with inflation at target
- Wage growth may have peaked, but not expected to decline quickly
- Recovery in productivity needed to balance high unit labour costs
- Overall financial conditions remained restrictive, particularly for households
Full text is here:
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The minutes confirm the shift to less hawkish at the Bank that was evident on the day of the meeting. The March meeting left the cash rate unchanged:
- RBA announce on hold cash rate at 4.35%, as expected
- AUD/USD lower after RBA left its cash rate unchanged and changed wording on future moves
And, from Governor Bullock's news conference on the day:
- RBA's Bullock: We're making progress in fight against inflation
- RBA's Bullock: We are responding to data as the data comes out
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