RBA Minutes out now: Further fall in Australian dollar needed for economy

RBA Minutes out now:

• Further fall in Australian dollar needed for economy
• Prudent course likely to be period of rate stability
• Board noted that market expected easing next year, discussed factors behind those market expectations
• AUD still above estimates of fundamental value
• GDP growth to be below trend over 2015
• Subdued labour market likely to weigh on consumption growth
• Inflation outlook consistent with target
• Forward indicators consistent with relatively moderate jobs growth

Headlines via Reuters

Full text: Minutes of December 2014 Monetary Policy Meeting of the Reserve Bank Board

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The Minutes of the December meeting.

They’ve been rendered a little less important this month given the governor’s interview in Australian Financial Review: RBA’s Stevens says AUD should be closer to 0.7500

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One thing that sticks out and should be noted from reading between the lines. there will be no February rate cut.