Having received the November rate decision and heard from governor Glenn Stevens and his deputy Philip Lowe, the RBA avalanche comes to an end this morning with the release of the bank’s quarterly statement on monetary policy.
Here’s the state of play.
- The quarterly statement on monetary policy is similar to the monthly policy statement received after each RBA rate decision, only far more in depth.
- It contains chapters on international developments, both from an economics and markets perspective, along with information on the domestic economy.
- Given it helps guide the outlook for monetary policy in the years ahead, most initial attention falls on the updated GDP growth and inflation forecasts offered by the bank in the final chapter of the document.
- The most updated forecasts offered by the RBA are shown in the table above.
- According to the economics team at ANZ, they expect a small upward tweak to the June 2016 year-end GDP forecast, forecasting a lift to 2.25%-3.25% from 2-3% seen previously.
- On the back of the weak September quarter inflation report released last week, they also expect the underlying year-end inflation forecast for June 2016 to be lowered to 1.75%-2.75% from 2-3% seen previously.
The RBA’s SOMP will be released at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.
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