Minutes of the Reserve Bank of Australia May monetary policy meeting
- Board agreed there was not a strong case for near-term move in policy
- Given current circumstances, board agreed next move in rates likely to be up, rather than down
- Progress on unemployment and inflation likely to be only gradual
- Inflation to remain low for some time given retail competition, slow wage growth
- March qtr inflation data in-line with bank's expectations
- An appreciation in the AUD would slow expected acceleration in growth, inflation
- Wages expected to pick up gradually as leading indicators pointed to more job gains
- Still uncertainties remain on extent, speed of pick-up in wages and inflation
- Strength in employment has supported household consumption so far
- High household debt poses uncertainty for consumption outlook
- Consumption "relatively resilient" to slower growth in household income over recent years
- Conditions in global economy positive, China debt levels an important risk
The quick headlines are via Reuters
Anyone see anything surprising in that lot? I don't. There is a comment on the AUD, the same sort of comment we get quite often in the Bank minutes. AUD/USD is down 6 points or so as I update. Zzzzzzzzzzzzzzz-fest.
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