RBA minutes: Board agreed to consider again the case for pausing rate hikes

Headlines via Reuters:

• Board agreed to reconsider case for pausing at April meeting
• Restrictive policy and uncertain outlook meant appropriate at some stage to hold rates steady
• Pausing would allow time to reassess the outlook for the economy
• Board watching data on jobs, inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term, retail sales, business surveys, global developments
• Further tightening of monetary policy likely required to bring inflation down
• Inflation too high, labour market tight and business surveys solid
• Sluggish productivity could lead to more persistent inflation
• Board noted Australian interest rates below several other countries, could effect A$
• Recent data had been softer than expected, sluggish growth looked to have extended into Q2
• Board felt it prudent not to place too much weight on one period's data
• Board noted financial pressure on some borrowers, consumption a key uncertainty

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I noted earlier that this meeting was before the bank failures crisis. If the RBA was discussing pausing rates hikes prior to this then surely a pause is a lock on April 4? They are a timid bunch at the RBA and the crisis will be leaned on as a reason to pause.

Full text:

Minutes of the March 2023 Monetary Policy Meeting of the Reserve Bank Board