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Australia's central bank cut its key cash rate by 25 basis points to 4.5% on Tuesday. The Reserve Bank of Australia's interest-rate setting board said that trade performance is starting to see some effects of a significant slowing in economic activity in Europe. It also said that commodity prices, while still at high levels, have declined over recent months. "It is likely to be some time yet before concerns about the European situation can definitively be laid to rest and the effects of the recent turmoil on confidence may result in a period of precautionary behavior by firms and households," the RBA board said.
Originally posted by surrealist
Marketwatch
Australia's central bank cut its key cash rate by 25 basis points to 4.5% on Tuesday. The Reserve Bank of Australia's interest-rate setting board said that trade performance is starting to see some effects of a significant slowing in economic activity in Europe. It also said that commodity prices, while still at high levels, have declined over recent months. "It is likely to be some time yet before concerns about the European situation can definitively be laid to rest and the effects of the recent turmoil on confidence may result in a period of precautionary behavior by firms and households," the RBA board said.
Well it’s been a long time coming and is no major surprise as it was largely expected. If the global situation worsens, there will be further cuts.
That’s right Stevens, it will be some time yet before the European situation is resolved – if it is ever resolved. Very unlikely. Then there’s the China slowdown and the global slowdown more broadly. Don’t want to appear panic again do ya Stevens, like ya did in 2008 – 09.