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Australian central bank updates outlook and will review YCC in July

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Australia’s central bank has improved the economic outlook and said it will consider whether to roll over its target yield bond and undertake further quantitative easing in July, while maintaining interest rates to remain at levels of emergency at least until 2024.

As expected, Reserve Bank Governor Philip Lowe on Tuesday kept the spot rate and the three-year yield target at 0.10% in Sydney. The bank is currently in its second round of A $ 100 billion ($ 77.5 billion) quantitative easing and must decide to shift control of the yield curve to target the November 2024 deadline relative to the current obligation of April 2024.

“The board is committed to maintaining very favorable monetary conditions,” Lowe said in A declaration. “The board is prepared to undertake further bond purchases to help move towards full employment and inflation targets. The council gives high priority to the return to full employment. “

The Australian dollar rose after the release, before retracing much of that gain and buying 77.44 US cents at 2:58 p.m. in Sydney.

RBA says core inflation will not hit target band until mid-2023

The RBA’s decision not to budge comes a week before the government releases its annual budget which is expected to include targeted spending to help boost jobs and accelerate a faster recovery. Treasurer Josh Frydenberg aligned himself with Lowe’s goal of pushing the economy towards full employment as quickly as possible to revive inflation.

Lowe said the bank’s central scenario for GDP growth has been revised upwards, with an expansion of 4.75% now expected this year and 3.5% in 2022. Unemployment is expected to continue falling at around 5% at the end of this year and around 4.5% at the end of 2022.

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