No Lasting Impact From RBA's August Meeting Minutes

Nothing in the way of meaningful lasting reaction in Aussie bonds in the wake of the release of the RBA's August meeting minutes, YM +0.5, XM unch.

• The uncertainty created by the latest local outbreak of COVID seems to be much more of an issue in the minutes than it was in text and communique that immediately followed the August decision, with the Bank ultimately stressing that "the bond purchase program will continue to be reviewed in light of economic conditions and the health situation, and their implications for the expected progress towards full employment and the inflation target. The Board would be prepared to act in response to further bad news on the health front should that lead to a more significant setback for the economic recovery." Still, the minutes underscored the Bank's thought process that fiscal support would be timelier.