Australia's central bank cut rates to a record low on Tuesday and signaled ...
SYDNEY - Australia’s central bank cut rates to a record low on Tuesday and signaled willingness to go further as a worsening Sino-U.S. trade war raises recession risks for the world economy, pushing policymakers into what could be a global monetary easing cycle.
And more might be needed. Financial markets see a 50-50 chance of another move to 1.00% next month. Some are also predicting a third cut before the end of the year. The Australian dollar gained after the rate decision, which was fully priced in by the market. The Aussie was last up 0.1% at $0.6984 as investors were wagering on larger reductions in U.S. rates over the next year or so.
South Korea’s central bank last week kept its policy settings unchanged but adopted a more accommodative tone while India is expected to cut rates at its policy meeting on Thursday.Australia has not reported a recession since the early 1990s but is now battling falling home prices, rising unemployment, sluggish consumer spending and lukewarm inflation.
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