Here's an interesting read while we await the Reserve Bank of Australia meeting finishing today.
- Announcement due at 0330 GMT, see links to previews below.
Local Australian media:
- Never-before-seen emails, reports and text messages from inside the Reserve Bank of Australia at the height of the crisis — from junior analysts and department heads thinking out loud through to the deputy governor texting top bank executives — show distressing fears, confusion and unanswered questions as shops and business shut in March and more than a million people were thrown into unemployment.
I don't imagine the scenes were much different in policy-setting institutions around the globe. Not many people had a complete handle on what was going on back in February-March as the you-know-what was hitting the fan.
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ICYMI:
- RBA monetary policy meeting Tuesday 6 October 2020 - preview
- WPAC see a cut in November to cut the overnight cash rate to 0.1%; the three year target bond rate to 0.1%; the rate on the Term Funding Facility to 0.1%; and the rate the RBA pays on Exchange Settlement balances to 0.01%.
- NAB expects further RBA easing
- CBA is forecasting the RBA on hold at the next meeting
- ANZ do not expect the RBA to cut in October
- Update to predictions for what the RBA will do at its October policy meeting
- Citi sees the RBA in wait and see mode - and notes fat tail risks for AUD
