Today the minutes of the Reserve Bank of Australia were released. In them it is highlighted that the board is committed to maintaining highly favorable monetary conditions and she’s prepared to be patient. In addition, the minutes also say that the appearance of the Omicron variant is a new source of uncertainty, but is not expected to derail the recovery.
Key comments
There are three possible options for the bond purchase program.
Inflation has risen but remained low in core terms.
The options reflected the expectation that the economy would continue to recover.
If there were another serious economic setback, a different set of options would have to be considered.
Only a gradual rebound in core inflation is expected.
The risk to the recovery posed by the Omicron variant will be more apparent by the February meeting.
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