[TradersCom]

Reserve Bank of Australia Governor Lowe on the economy and policy:

Possible some further tightening will be required to return inflation to target
Remains to be determined whether monetary policy has more work to do
Complex picture on inflation, significant uncertainties regarding outlook
At the August meeting, the board will have updated economic forecasts and new data
There has been a “significant and rapid” tightening of monetary policy
Very conscious monetary policy operates with lag, full effects yet to be felt
Economic growth to be subdued over next couple of years, will take time for inflation to return to target
Determined to return inflation to target within reasonable timeframe

Lowe on the Review of the Bank and changes that’ll be implemented:

RBA board to make changes based on independent review
From 2024, the board will meet eight times a year, rather than 11 times
Board meetings to start on Monday, conclude at usual time on Tuesday
Post-meeting statement announcing the decision will be issued by board, rather than governor
RBA governor will hold a media conference after each board meeting to explain decision
Quarterly statement on monetary policy will be released at same time as policy decision
Current board structure to remain as is
RBA board to decide on some review recommendations at a later date

[TradersCom]

Reserve Bank of New Zealand Leaves Rates Unchanged 5.50%, Inflation Remains Too High

[TradersCom]

Earlier today:

The People’s Bank of China announced a continuation of policies aimed at maintaining a stable and healthy development of the real estate market until the end of 2024.

[Helmholtz Watson]

In the past week central banks gave us no surprises. The Bank of Canada rose 25 bps, The RBNZ, Peru’s BRCP and the Bank of Korea all left rates unchan
[See the full post at: Central Bank Watch – Week Ahead Brings PBOC, South Africa, Turkey and Russia Rate Meetings]

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