The minutes of the monetary policy meeting in August Reserve Bank of Australia (RBA) showed that the “The council expects to take further steps in the process of normalizing monetary conditions in the coming months, but it is not on a pre-established path.“.
Conclusions
Members noted that inflation is expected to peak at the end of 2022.
Then the inflation will fall back to the top of the 2-3% target range by the end of 2024.
The Committee agreed that it was convenient to continue the process of normalizing monetary conditions.
The resilience of the economy continued to be most evident in the labor market.
Members also considered risks to the global outlook, which were skewed to the downside.
The behavior of household spending continued to be a key source of uncertainty for the outlook.
Much attention will be paid to how the balance of various factors affects the outlook for spending.
The rise in interest rates in recent months has been necessary to bring inflation back to target.
Source: Fx Street
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