Reserve Bank of Australia minutes of the July 2017 meeting
- Judged steady policy stance consistent with growth, inflation targets
- Saw welcome improvement in world economy, number of central banks more positive
- "Nevertheless" domestic labour, housing markets continued to warrant careful monitoring
- Repeats a rising A$ would complicate economic rebalancing
- Australian economic data for Q2 had generally been positive
- Data suggest gdp growth increased in Q2, household consumption picked up
- Jobs data positive, provided further confirmation of improvement in labour market
- Recent rise in employment to support household incomes, spending
- underemployment still elevated, wage pressures subdued
- Fiscal policy to be more expansionary in 2017/18 than previously expected
- Stronger infrastructure spending to have significant positive spillovers to economy
- Too early for tighter lending rules to have full effect on housing market
- RBA estimates neutral real rate had fallen to around 1 pct, neutral nominal rate at 3.5 pct
Quick Headlines via Reuters
Market taking note of the 'neutral rate' at 3.5% comment .... liking the AUD as a result
Full text:
Minutes of the July 2017 Monetary Policy Meeting of the Reserve Bank Board
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The big news is from the US, politics (natch):
USD getting sold off on the imminent demise of the Republican health care bill:
