Australia Holds Key Rate at 1.5% as Unemployment Edges Up - Ester Holdings

Australia Holds Key Rate at 1.5% as Unemployment Edges Up

Bloomberg.com — Australia left its key interest rate unchanged at a record low Tuesday after the key unemployment metric edged higher.

Reserve Bank Governor Philip Lowe kept the cash rate at 1.5 percent, where it has stood since 2016, as expected by all economists. The jobless rate hit 5.6 percent in April, moving further away from the central bank’s estimated level of full employment. The global picture has also become more clouded amid an emerging-market rout, populism in Europe and U.S. trade tariffs.

The RBA has fashioned itself as an anchor of stability in Australia’s economy, making clear it’s unlikely to tighten policy until unemployment falls toward 5 percent and inflation is nearer the midpoint of the bank’s 2-3 percent target range. Traders are pricing in little chance of a rate hike before mid-2019 amid continued weak growth in wages and consumer prices.

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