ANZ preview the RBA meeting on November 3 - rate cut and more

Author: Eamonn Sheridan | Category: Central Banks

The Reserve Bank of Australia monetary policy meeting is next week.

Earlier previews:
In summary from ANZ :
We expect:
  • A rate cut to 0.1%, with the 3y yield target, and the rate on the term funding facility (TFF) cut to the same level.·         
  • A cut in the interest rate on excess reserves (IOER) to what could be 0.05% but is increasingly looking like 0.01%.·        
  • The introduction of 'pure' QE on the 5y-10y part of the yield curve, targeting both federal and state bonds. We expect the RBA to announce AUD100bn of purchases over the period to June 2021, but there are a range of options it might choose.
The Reserve Bank of Australia monetary policy meeting is next week.

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