Australia's central bank is set to cut interest rates if the labor market f...
SYDNEY - Australia’s central bank is set to cut interest rates if the labor market fails to improve further, an outcome brought closer by recent disappointing data on unemployment.
Markets are wagering an easing, the first since mid-2016, could come as soon as June. The timing could be clearer once RBA Governor Philip Lowe gives a highly anticipated speech later on Tuesday. While economic data have generally disappointed in recent months, the jobs market had remained resilient. However, latest figures point to still-high spare capacity even as hiring beats forecasts.
“In view of the spare capacity that remained in the economy...members agreed that it was important to continue to pay close attention to developments in the labor market and set monetary policy to support sustainable growth in the economy and achieve the inflation target over time,” the minutes showed.A majority of the 40 economists polled by Reuters in late-April have forecast at least two cuts this year.
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