Back
18 May 2015
RBA minutes: Unlikely to include significant new info - RBS
FXStreet (Bali) - The RBA meeting minutes are unlikely to include significant new information this month, notes Brian Daingerfield, FX Strategist at RBS.
Key Quotes
"The RBA meeting minutes are unlikely to include significant new information this month. The RBA’s May decision was accompanied by the Statement on Monetary Policy, including new forecasts, meaning the RBA’s conclusions on growth and inflation from the May meeting are well known."
"Still, there appears to be a conflict of sorts, with the statement suggesting a more optimistic outlook on the labour market but the forecasts in the SoMP were revised down."
"The key development will be a discussion of rate cuts in light of high leverage – we get the sense from recent speeches that the RBA is becoming less enthusiastic about the positive spillover of rate cuts because one of the channels – i.e. encouraging borrowing, is lessened."
Key Quotes
"The RBA meeting minutes are unlikely to include significant new information this month. The RBA’s May decision was accompanied by the Statement on Monetary Policy, including new forecasts, meaning the RBA’s conclusions on growth and inflation from the May meeting are well known."
"Still, there appears to be a conflict of sorts, with the statement suggesting a more optimistic outlook on the labour market but the forecasts in the SoMP were revised down."
"The key development will be a discussion of rate cuts in light of high leverage – we get the sense from recent speeches that the RBA is becoming less enthusiastic about the positive spillover of rate cuts because one of the channels – i.e. encouraging borrowing, is lessened."