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Australia: RBA Rates Cut, Easing Biased Maintained?
- Surprising many, the Reserve Bank of Australia (RBA) decided to cut the Cash Rate by 25 bp to (a record-low of) 2.75% at its meeting in May.
- The accompanying statement by Governor Stevens showed few notable changes. Beginning with its assessment of the global economy, the RBA noted that growth is forecast to be a little below trend this year, before then picking up next year.