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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
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Real-time insight on key fixed income and fx markets.
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MNI Research
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Free AccessNo Curve Balls From Lowe To Start
A very mundane start to RBA Governor Lowe's testimony, with a glass half-full approach clearly continuing to be at the fore of the RBA's thought process. A return to strong growth is expected next year. Lowe expresses optimism re: '22 & plays down worry re: a double-dip recession, although he pointed to a difficult few months ahead.
- Lowe suggested that fiscal policy is the more appropriate medium for providing support at present, although he did note that the Bank discussed a delay of its already announced tapering move at its August meeting. The Bank decided that a delay of the taper would not provide the immediate help that the economy requires.
- Still, Lowe stressed that the Bank is ready to act to respond to further bad news surrounding COVID.
- The language around the cash rate (doesn't see conditions for a hike until '24) and conditions required for a hike i.e. confidence surrounding inflation being well within the target band and that it will stay there, was in line with well-defined RBA guidance. Lowe also noted that it is now plausible that the RBA may hike rates within a 3-Year horizon. That is of course consistent with the aforementioned guidance and the Bank's choice to not roll its 3-Year yield target to ACGB Nov '24.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.