Comments from Reserve Bank of Australia (RBA) Governor Stevens, to the Australian Conference of Economists (ACE) and the Econometric Society Australasian Meeting (ESAM), Hobart: Says rebalancing signs encouraging but some way to go yet; Says monetary policy very accommodative, but still has ammunition on rates; Says A$ overvalued by most measures, and by more than a few cents; Says investors under-estimating risk of sharp fall in A$ at some point; Says not seeking to actively “jawbone” the currency lower; Has not contemplated tightening, stability language has worked on market expectations; Could drop reference to ... (full story)