RBA SMoP: Drastically revised up forecasts for inflation, AUD/USD dips below 0.7100 By ross_burland RBA AUDUSD
The Reserve Bank of Australia's Statement on Monetary Policy has been released and traders are looking for an update to its forecasts and more detail surrounding the RBA’s views on the risks to the economic outlook.
The RBA has drastically revised up forecasts for inflation, foreshadowing how far interest rates might have to rise to bring the country's cost of living crisis under control. ''In its quarterly statement on monetary policy, the Reserve Bank of Australia warned core inflation could now hit 4.6% by December, a startling two percentage points higher than its previous forecast made in February.
That would be well above the RBA's 2-3% target band and inflation was only seen returning to the top of the band by mid- 2024, suggesting a lengthy tightening cycle was in store,'' Reuters reported. RBA sharply raises inflation forecasts, sees core inflation above 2-3% band until 2024.RBA says inflation pressures broadening due to supply chain bottlenecks, strong demand.RBA says economy has been more resilient than expected, nearer to full employment.RBA forecasts cpi inflation at 5.
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