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RBA Considered Interest-Rate Hike, Saw Pause Case as Stronger

Tuesday, 20 February 2024 08:11 WIB RBA Bank Sentral Australia, Reserve Bank of Australia

Australia’s central bank considered raising interest rates at its first meeting of the year but decided the case to stand pat was the “stronger one” as risks had eased that inflation wouldn’t return to the board’s 2-3% target within a reasonable timeframe. The Reserve Bank left its benchmark rate at a 12-year high of 4.35% this month on cooling inflation and weaker-than-expected jobs and consumer spending reports, while signaling further monetary tightening is still possible, minutes of the Feb. 6 meeting showed Tuesday. Board members discussed how the RBA staff’s quarterly estimates were for both inflation and labor market conditions to ease further in a year or so, despite a technical...

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