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Statement by Philip Lowe, Governor: Monetary Policy Decision
At its meeting today, the Board reaffirmed the targets for the cash rate and the yield on 3-year Australian government bonds of 25 basis points, as well as the other elements of the package announced on 19 March 2020. The coronavirus remains first and foremost a very major public health issue, but it is also having very significant effects on economies and financial systems around the world. Many countries are expected to experience large economic contractions as a consequence of the public health response. Large increases in unemployment are also expected. Once the virus is contained, a recovery in the global ... (full story)
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RBA:
— DailyFX Team Live (@DailyFXTeam) April 7, 2020
- Board is committed to doing what it can do to support employment
- Will do what is necessary to achieve 3-year yield target
- Will not raise rates until progress is made toward full employment
(BBG)#AUD
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RBA: A very large economic contraction is, however, expected to be recorded in the June quarter and the unemployment rate is expected to increase to its highest level for many years
— Cable FX Macro (@cablefxmacro) April 7, 2020
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#RBA:
— DailyFX Team Live (@DailyFXTeam) April 7, 2020
- Signs that some market are working more effectively now
- If conditions improve, smaller bond buying volume will be required
- Australian financial system is resilient
(BBG)#AUD
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