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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