RBA considered a rate hike during May meeting, minutes show
Investing.com-- The Reserve Bank of Australia considered increasing interest rates during its April meeting, the minutes of the bank’s meeting showed on Tuesday, as it grappled with a sticky outlook for inflation.While consumer spending slowed in Australia, it still remained relatively high, underpinning inflation. Tight labor market conditions also factored into sticky inflation.
“This could occur if trend productivity growth turned out to be weaker than assumed, unless wages growth were to moderate in response. A drift higher in inflation expectations, should it occur, would also make it more costly to return inflation to target.” The outlook for future rate decisions remained cloudy, amid uncertainty over the path of the economy.
The RBA hiked rates by a cumulative 425 basis points since 2022, as it moved to combat a post-COVID spike in inflation. While this did pull inflation from 30-year peaks, the pace of disinflation has largely slowed in recent months.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Election InformationEarly Voting: Monday, May 20 - Friday, May 24; Election Day: Tuesday, May 28
Read more »
Deep discounts may benefit shoppers but may not help the economy, financial expert saysA Jacksonville financial expert said corporations slashing prices for inflation may help shoppers, but it isn’t guaranteed to be good for the economy.
Read more »
Your Weekly Horoscope for May 19 to May 25, 2024Discover your zodiac sign's weekly horoscope for May 19 to May 25, 2024, from expert astrologer Stephanie Campos.
Read more »
Your SoCal Weather Report For Friday, May 17: Another Day Of May GrayGillian Morán Pérez is an assistant producer for LAist 89.3.
Read more »
San Diego's Weather Forecast for May 17, 2024: May gray into weekend with daytime warmingVanessa Paz is ecstatic to join the ABC 10News team as the newest morning meteorologist. Born and raised in Chula Vista, a Hilltop High alum, it is truly a homecoming for her.
Read more »
IRS may owe you $932; How to file claim before May 17 deadlineThe Internal Revenue Service (IRS) is reminding about 1 million people who didn't file their tax returns for 2020 to file claims for more than $1 billion in owed refunds before May 17 deadline.
Read more »