Minutes of the Monetary Policy Meeting of the Reserve Bank Board
Members commenced their discussion of the global economy by noting that inflation remained high and well above central banks’ targets. Inflation in many economies had declined from earlier peaks but progress in returning inflation to target had slowed. Recent monthly core inflation data had been higher than expected in a range of advanced economies. Nevertheless, inflation in advanced economies was still expected to decline over coming quarters as economic activity slowed and input price pressures continued to dissipate. Indicators of domestic demand across advanced economies had been mixed. Retail sales had ... (full story)
RBA Minutes: Board Considered Rate Hike At April Meeting, Before Deciding To Pause— LiveSquawk (@LiveSquawk) April 18, 2023
-Agreed Stronger Case To Pause And Reassess Need For Tightening At Future Meetings
RBA minutes show strong case to pause and reassess need for tightening at future meetings
• Board considered rate hike in April, before deciding to pause. • Agreed that there is a stronger case to pause and reassess the need for tightening. • Assessing data on inflation, jobs, consumer spending and business conditions. • Inflation is still too high. • Labour market had loosened a little but is still very tight. • Bank stress causing tighter financial conditions globally, a headwind for the world economy. It is interesting to note that they did "consider" a rate hike earlier this month but let's be real, actions speak louder than words - especially at this point in the tightening cycle. In ... (full story)
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post at 9:43pm: BOJ'S UCHIDA: CENTRAL BANKS WILL NOT DEFAULT. post at 9:48pm: DEPUTY BOJ GOVERNOR UCHIDA: FINANCIAL CONSTRAINTS WILL NOT JEOPARDISE THE BOJ'S ABILITY TO IMPLEMENT MONETARY POLICY.BOJ's Uchida: Fiscal constraints won't undermine ability to carry out monetary policy So far, they're not really giving anything away ahead of next monetary policy meeting decision at the end of next week. There are some quarters in the market expecting the BOJ to tweak its yield curve control settings further (or remove it altogether) but it will be a surprise to see them act so soon.
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