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Minutes of the Monetary Policy Meeting of the Reserve Bank Board
Members commenced their discussion by noting that the global economy had continued to grow above trend. Indicators of global industrial production and trade had remained at relatively high levels, as had surveyed business conditions. Spare capacity had continued to be absorbed, especially in the major advanced economies. Headline inflation had moved a little higher since the beginning of the year, primarily as a result of higher oil prices. Core inflation had also increased in a few economies, including the United States, but had remained low elsewhere. The Bank's forecast was for global growth to ease a little over ... (full story)