RBA Governor Glenn Stevens
- Very committed to inflation-targeting monetary policy framework
(Via Reuters)
And, that's all so far ... a justification of his May rate cut.
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Stevens speaking at the Trans-Tasman Business Circle boardroom briefing
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More now (Reuters again):
- Suspect there is quite some years of fiscal repair work for the government in the period ahead
- True that inflation is very low, technically it is below our announced target
- Medium term inflation targetting is not rigid and does not demand knee-jerk reaction from our part
& Bloomberg :
- Our forecasts not very different from Treasury's
- Don't agree we need a different inflation target
- Inflation targeting not a rigid thing
- Inflation target doesn't demand kneejerk responses
- Inflation targeting will work well into future
- Nobody can control inflation in the short term
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Meanwhile AUD falling away a little ... rates update against the USD:
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More:
- Inflation is a bit too low (via Bloomberg)
- We see exchange rate as a shock absorber
- AUD doing what you'd expect it to do at the moment
- Economic growth is continuing, stronger would be better, but it is not too bad (Via Reuters)
- China economic transition on a scale that no one has ever done before, so uncertain how it will all end up
