The ASX 200 Index snaps its three-day winning streak, edging down to near 7710 on Wednesday.
ASX 200 loses ground ahead of Fed policy decision. RBA’s Bullock underscored that the battle against inflation is not yet won. Chinese Foreign delegation stressed that China-Australia relations are on the right track. The Reserve Bank of Australia has opted to keep interest rates unchanged at a 12-year high of 4.35%, maintaining its stance for the third consecutive meeting.
The RBA’s primary mandate is to maintain price stability, which means an inflation rate of 2-3%, but also “..to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people.” Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will strengthen the Australian Dollar and vice versa. Other RBA tools include quantitative easing and tightening.
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