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RBA Minutes Say May Meeting Is "Opportune" Time To Revisit Policy Setting
(RTTNews) - Policymakers of the Reserve Bank of Australia said it is important to remain alert to the evolving balance of risks and concluded that the May meeting would be an opportune time to revisit the monetary policy setting, the minutes of the April meeting showed on Tuesday.
Members judged that it was not appropriate at this stage for monetary policy to react to the potential risks that could move outcomes in either direction, the minutes said.
At the April meeting, the bank had retained its interest rate at 4.10 percent. Previously, the bank had reduced the rate by a quarter-point in February.
By the time of next meeting, additional data about inflation, wages, the labor market and trends in economic activity along with a fresh set of economic forecasts and the likely evolution of global trade policies will be available.
Further, members agreed that it was not yet possible to determine the timing of the next move in interest rates. Future decisions will depend on new information and its implications for the economic outlook.
"Members agreed that it would be helpful if the Board's public communication following the meeting made it clear that the outcome of its next decision was not predetermined," the minutes said.
Members also observed that it is important not to jeopardise the progress on bringing inflation sustainably back to the mid-point of the target by easing monetary policy prematurely.
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