The members began their discussion in the meeting that was held on the seventh of June regarding the inflation rates, which rose in April and May and is expected to rise in the coming period due to local and global factors before returning in the next world 2023 towards the bank’s target of 2-3%, as the global growth forecasts were discussed.
Inflation in Australia is enjoying great momentum, inflationary pressures are clear, and GDP is expected to rebound in the second quarter ending in June, while the unemployment rate has reached the best in decades, after declining to 3.9% in April, its lowest level in 50 years, despite of high participation rates.
With regard to interest rates, Bank President Lowe expected that the Bank would discuss raising interest rates by 25 or 50 basis points in the next meeting, when interest rates are expected to reach 2.5% by the end of this year.
The Australian dollar rose after the minutes against the US dollar by about 30 pips to test 0.6985 levels, before declining now and trading at 0.6955 levels.
02/11/2024
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