AUD/JPY has dribbled lower since this reality announced by Apple earlier:
Anyway, back to the minutes … Headlines via Reuters:
- board discussed case for easing, chose to hold given rates already very low
- board remained prepared to ease policy further if needed
- reasonable to expect extended period of low rates will be required
- further rate cut could speed progress toward jobs and inflation target
- but needed to be balanced with risks from yet lower rates, including impact on savers
- risk easing could encourage more borrowing when home prices already rising strongly
- board to monitor developments carefully, including in labour market
- noted A$ was near its lowest level since 2009
- coronavirus new source of uncertainty for global economy, too early to judge impact
- coronavirus a "material" risk to outlook for china economy, and thus Australia
- economic drag from bushfires to be felt in Q4 and Q1, full recovery expected by year end
- outlook remained for Australian economy to improve due in part to housing pick up
- consumption a key uncertainty, rising housing prices and turnover should support
- acceleration in wage growth would be welcome, though no pick up seen over next two years
Full text here:
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Background on this release is here:
RBA February Board Minutes will published today - unlikely to move AUD