Reserve Bank of Australia November 2021 monetary policy meeting minutes
Headlines via Reuters
- economy expected to bounce back quickly as restrictions are eased further
- remained committed to maintaining highly supportive monetary conditions
- further pick-up in underlying inflation was expected, but it would be only gradual
- board will not raise the cash rate until wage and inflation criteria are met
- members acknowledged that the risks to the inflation forecast had changed
- main uncertainties related to the persistence of the current disruptions to global supply chains and to the behaviour of wages
- central scenario for the economy continued to be consistent with the cash rate remaining at its current level until 2024
The RBA is being very patient in waiting for wage growth to accelerate. Until it does, the Bank will be just as patient with holding the cash rate unchanged. It suspects until 2024 at least,. according to their 'central scenario'. None of this is new from the Bank. What was new at this meeting was at least an acknowledgement that if conditions warrant a hike earlier then it'll be done, perhaps in 2023 was, reluctantly, conceded.
Full text:
Governor Lowe speaks later in today's session: Economic calendar due from Asia today - RBA minutes (Nov. meeting) and Governor Lowe speech
