RBA minutes: easing bias back in

The minutes from the May RBA board reintroduced the explicit easing bias that was missing from the post-meeting statement. The minutes restated comments about “recent encouraging trends in household demand” and went on to note “further depreciation of the exchange rate seemed to be both likely and necessary, particularly given the significant declines in key commodity prices”. The minutes indicate that the board debated leaving the rate cut until June,...

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