Members commenced their discussion of the global economy with the observation that the recoveries in the United States and euro area economies had continued, although growth in Asia had slowed by more than had earlier been expected. This slowing was likely to be more persistent than expected and, as a result, growth in Australia's trading partners was expected to be slightly below its decade average over the period ahead. The outlook for the Asian region, particularly China, remained one of the key uncertainties in forecasting global growth. Core inflation had generally been steady in both the advanced and emerging ... (full story)