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MNI BRIEF: RBA Concerned On 'Inflation Psychology'-Minutes

SYDNEY (MNI)

Wages data is due on Wednesday.

The Reserve Bank of Australia raised interest rates in May because it was concerned that it would be more difficult to return inflation to the target range of 2% to 3% if it delayed action and this shifted “inflation psychology” in an enduring way, according to the minutes of the RBA’s May meeting released on Tuesday.

The central bank raised rates by 25 basis points for the first time in more than a decade to 0.35% at the meeting, and also considered rate hikes of 15 basis points and 40 basis points. “A move of this size would help signal that the Board was now returning to normal operating procedures after the extraordinary period of the pandemic,” the minutes said, SEE: MNI INSIGHT: RBA Comfortable With Stronger Wages Growth.

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The Reserve Bank of Australia raised interest rates in May because it was concerned that it would be more difficult to return inflation to the target range of 2% to 3% if it delayed action and this shifted “inflation psychology” in an enduring way, according to the minutes of the RBA’s May meeting released on Tuesday.

The central bank raised rates by 25 basis points for the first time in more than a decade to 0.35% at the meeting, and also considered rate hikes of 15 basis points and 40 basis points. “A move of this size would help signal that the Board was now returning to normal operating procedures after the extraordinary period of the pandemic,” the minutes said, SEE: MNI INSIGHT: RBA Comfortable With Stronger Wages Growth.

Keep reading...Show less