Australia's central bank considered raising rates in October, RBA minutes show
Publishing timestamp: 2023-10-16 22:42:51
Summary
The Reserve Bank of Australia considered raising rates by 25 basis points in its October meeting but decided against it due to a lack of new information. The RBA expressed a low tolerance for inflation not returning to its target range by late 2025. The decision was based on inflation remaining above target, high services price inflation, and a slowing output growth. The RBA will release new staff forecasts and economic data ahead of its next monetary policy meeting in November. The Australian unemployment numbers for September and consumer price index data will also be announced. The RBA has left the cash rate target unchanged for four consecutive meetings and expects inflation to return to its target range by late 2025. There is a 75% probability of the RBA holding the cash rate at its current level, with a 25% probability of a 25-basis-point hike.
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Keywords: australian dollar/us dollar fx spot rate, interest rates, economic events, business news, prices, central banking, australia,