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Australia Faces 'Unprecedented' Economic Hit from Coronavirus: RBA Minutes

Tuesday, 19 May 2020 09:53 WIB RBA RBA STATEMENT

Australia is facing an "unprecedented” economic contraction due to the coronavirus pandemic, though massive fiscal and monetary stimulus would help cushion the blow, minutes from the country's central bank's last meeting showed on Tuesday. The Reserve Bank of Australia (RBA) had on May 5 left the cash rate at 0.25%, as expected, and recommitted to buying as much government debt as needed to keep three-year bond yields near 0.25%. The minutes showed board members discussed a range of economic scenarios in their policy deliberations, with the baseline case for gross domestic product to fall by 10% in the first half and 6% for all of 2020. "An economic contraction of such speed and...

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The most important data for the U.S. economy right now are the "medical metrics” around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where

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