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RBA's Bullock says underlying inflation remains too high

Started by forex4you, Aug 16, 2024, 06:02 am

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RBA's Bullock says underlying inflation remains too high

Reserve Bank of Australia Governor Bullock opening statement:


  • Board is of the view that it currently has the balance right between
    reducing inflation in a reasonable timeframe
  • Our full employment
    goal is not served by letting inflation stay above target
    indefinitely.
  • The board remains
    focused on the potential upside risks to inflation.
  • Board is trying to
    bring inflation back to target in a reasonable timeframe while
    preserving as many of the gains in the labour market that we have
    seen in the past few years
  • There has been
    further progress on inflation, but it has been very slow
  • The economic outlook
    remains highly uncertain.
  • Underlying inflation
    remains too high
  • Based on what the
    board knows at present, it does not expect that it will be in a
    position to cut rates in the near term.
  • The board's
    message, though, was that it is premature to be thinking about rate
    cuts.
  • While goods price
    inflation has declined substantially, it has not been enough to
    offset continued high services price inflation


                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: RBA's Bullock says underlying inflation remains too high

forexlive.com
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