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RBA minutes upbeat, rules out November rate cut possibility - TDS

FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that the the Minutes from the RBA’s Oct 6 meeting were released today and unlike prior minutes that suggested the Bank was turning more cautious, today’s minutes were upbeat, ruling out hopes for a November cut.

Key Quotes

“The Bank stated 1) that low interest rates are working as are 2) the lower exchange rate. On China, the Bank highlighted that China’s service sector is performing strongly while it had a ’glass half full’ take on the domestic economy.”

“The Government released its response to the Financial System Inquiry, accepting the majority of the 44 recommendations to strengthen the sector. The main priorities are Resilience measures (higher risk weights for mortgages), Superannuation (Productivity Commission to review), Innovation (technology and banking), Consumer measures (ensure they are treated fairly) and Regulatory system measures (review expectations for APRA, ASIC and the Payments Board System).”

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