Central Banks


Reserve Bank of Australia March 2019 monetary policy meeting minutes 

Headlines via Reuters:

  • board noted “significant uncertainties” on the economic outlook
  • saw scenarios where might be appropriate to eventually raise rates, or cut rates
  • scenarios more evenly balanced than they had been last year
  • board agreed no strong case for near-term move in rates
  • awaiting new information to resolve tension between solid jobs market, soft GDP
  • labour market continued to improve, unemployment seen falling to 4.75 pct
  • slower consumption in NSW linked to drop in home prices, lower turnover in housing market
  • slowdown in home loans mainly due to softer demand, but tighter credit played a part
  • saw risk of “marked slowing” in dwelling investment in one to two year’s time
  • tighter credit constraining demand for off-the-plan, project homes
  • conditions in drought-hit farm sector to remain difficult in near term
  • A$ had been broadly steady, within narrow range of recent years
  • trade tensions a continued source of uncertainty for world outlook

Nothing we didn’t already know from this today.

Points 2, 3 and 4 = We dunno what to do and we won’t be doing it soon anyway

Point 5, reiterates the Board is watching the labour market (ps. latest Aussie jobs report is due Thursday 0030GMT)

Here is the full text:

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