RBA said, Conditions in the global financial system have improved significantly since the time of the last Financial Stability Review in March. While markets remain under a degree of stress, the extreme risk aversion that broke out following the Lehman Brothers collapse last September has dissipated, and confidence has begun to recover. These developments have occurred alongside signs of improved prospects for recovery in the global economy.
The Reserve Bank of Australia has indicated the next move in rates is up. We expect rates to remain on hold until QI 2010. The RBNZ has watered down their easing bias. We expect no further rate cuts to be delivered and removal of stimulus from QII 2010.
The meeting concluded that the balance was best struck by leaving the cash rate unchanged for the time being, pending further evaluation of incoming information at future meetings.
The flow of information on the Australian economy over the past month had been mostly positive. The staff’s expectation was that GDP data for the June quarter, due to be released the day after the meeting, would show a moderate increase in output, with growth in household consumption, business investment, public spending and exports.
Read more: Reserve Bank of Australia Minutes of the Monetary Policy Meeting...
| US | 0.25% |
| UK | 0.5% |
| EMU / EURO | 1% |
| Japan | 0.1% |
| Switzerland | 0.25% |
| Canada | 0.25% |
| Australia | 3% |
| New Zealand | 2.5% |
| Sweden | 0.25% |
Gold prices slipped a little lower last night influenced by technical selling... 2010-03-10 Read More
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