Reserve Bank of Australia, following Headlines via Reuters:
- board remains committed to maintaining highly supportive monetary conditions
- recovery in the labour market had continued to be faster than expected
- will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range
- the bank's central scenario for the economy is that condition for rate hikes will not be met before 2024
- meeting rate hike conditions will require labour market to be tight enough to generate "materially higher" wages growth
- outcomes for the nominal side of the economy had not been as positive
- in light of economic improvements and the agreed decision-making framework, members decided to adjust weekly bond purchases from $5 billion to $4 billion
- the bond purchase program had been one of the factors underpinning the accommodative conditions necessary for economic recovery from the pandemic
- given the high degree of uncertainty about the economic outlook, members agreed that there should be flexibility to increase or reduce weekly bond purchases in the future
- importance of monitoring trends in housing borrowing and ensuring that lending standards are maintained
These minutes are stale given this meeting happened prior to the worst of the Sydney lockdown and its extensions and the other lockdowns enveloping the country through July. If you are unaware of the other lockdowns in Australia let me know in the comments and I'll add to this post, otherwise I am taking a break from my whining about 'em. :-D
Full text: Minutes of the July 2021 Monetary Policy Meeting of the Reserve Bank Board
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