Members commenced their discussion of international economic developments by noting that momentum in the global economic recovery had eased in recent months. The global recovery also remained uneven, reflecting cross-country differences in policy support and vaccination rates. However, by year end, output in many economies was expected to have recovered to, or surpassed, pre-pandemic levels. In countries with high vaccination rates, the recovery had been supported by the lifting of restrictions on mobility in recent months; rates of hospitalisation and recent deaths were relatively low despite an increase in case ... (full story)

Reiterating ... as did Low in his most recent public comments last week: • central scenario is conditions for rate rise will not be met until 2024 • board committed to maintaining highly supportive monetary conditions • outbreak of the delta variant had delayed, but not derailed, the recovery • economy was expected to bounce back as vaccination rates increase and restrictions are eased • board will continue to review the bond purchase program in light of economic conditions and the health situation • considerable uncertainty about the timing and pace of the recovery, which was likely to be slower than experienced ... (full story)