The central bank is not backing down, saying it was committed to doing 'what is required to bring inflation back to target'. 9News
The central bank said it was committed to doing "what is required to bring inflation back to target" but emphasised "that it is still seeking to traverse the narrow path".
The decision to hike rates in May, after a pause in April, ultimately came down to fears of further inflation risks due to weak productivity growth as well as faster-than-expected rent increases. "But, on balance, given the Board's strong commitment to price stability and the importance of ensuring that inflation expectations remain anchored, members judged that a further increase in interest rates was warranted."The decision to to hike rates in May, after a brief pause in April, ultimately came down to fears of further inflation risks due to weak productivity growth as well as faster-than-expected rent increases.
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