RBA Minutes: Board judged the case for holding rates steady stronger than for hiking

The Minutes of the Reserve Bank of Australia’s (RBA) June monetary policy meeting showed Tuesday that the “board judged the case for holding rates steady stronger than for hiking.”

Additional takeaways

Needed to be vigilant to upside risks to inflation, data suggested upside risk for May CPI.

Economic uncertainty meant it was difficult to rule in or out future changes in policy.

Recent data not sufficient to change outlook for inflation returning to target by 2026.

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