RBA kept policy rates unchanged, yield targeting continues

  • May 05, 2020 AEST
  • Team Kalkine

The Reserve Bank of Australia has kept the cash rate unchanged at 0.25% in today’s monetary policy decision.

  • The bank acknowledged rising unemployment and economic contraction across the world with visible results of containment measures.
  • It was said that the global financial markets are operating effectively as against previous month.
  • 3-year bond target is being attained, and the bank has scaled back Govt bond purchases, which to date are $50 billion.
  • IG rated non-bank bonds are being accepted as collateral to support credit and funding cost through open market operations.
  • It expects CPI to hit negative in the June quarter, and between 1-1.5% in 2021.
  • Policy stance is expected to remain, until any progress is made towards full employment and 2-3% inflation range.

 


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