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