Reference News Network, July 10 report - According to the website of the U.S. "Wall Street Journal" on July 8, the Reserve Bank of Australia (central bank) announced on Tuesday that it would maintain interest rates unchanged, saying it could take a bit more time to assess the economic outlook. This move surprised the financial markets.
It maintained the official cash rate (OCR) at 3.85%, despite the financial markets expecting the OCR to almost certainly be cut to 3.60%. The 9-member monetary policy committee approved the decision by a vote of 6 to 3.
The RBA said in a statement: "The committee believes it can wait for more information to confirm that inflation is still expected to reach 2.5% on a sustainable basis."
This decision to keep interest rates unchanged followed cuts in February and May. Meanwhile, after years of efforts to curb price increases, Australia's core inflation has fallen to near the upper end of the central bank's target range of 2% to 3%.
It is widely expected that the country's central bank will continue to cut rates in the remaining months of 2025. Most economists expect the OCR to approach 3.0% by year-end. (Translated by Wang Haifang)
Original article: https://www.toutiao.com/article/7525352362370712107/
Statement: This article represents the views of the author. Please express your opinion by clicking on the 【up/down】 buttons below.