Reserve Bank of Australia Governor Bullock is speaking in parliament.
Headlines via Reuters:
- RBA Board is focused on bringing inflation down.
- Remain acutely aware
that the cost of living is rising much faster than it has over recent
decades - Recent developments
in inflation are encouraging. - We have some way to
go to meet our target. - Recent developments
in inflation are encouraging - We have some way to
go to meet our inflation target - Even if the economy
evolves along the central path, inflation will still have been
outside the target range for four years - While there are some
encouraging signs, Australia’s inflation challenge is not over. - The longer inflation
remains high and outside the target range, the greater is the risk
that inflation expectations of households and businesses adjust
higher - At this stage, the
board hasn’t ruled out a further increase in interest rates but
neither has it ruled it in. - Given the
substantial costs to the economy and the Australian people of
continued high inflation, the board is committed to bringing
inflation back to target in a reasonable time frame. - Trying to bring
inflation back to target without slowing the economy more than
necessary on the one hand or risking high inflation for longer
The usual measured comments from Bullock. There is nothing new or shocking here. So far at least. A Q&A will follow her prepared remarks, stay tuned!
This article was written by Eamonn Sheridan at www.forexlive.com. Source