RBA July minutes: Further rate cuts are warranted over time, focus on timing & extent ...Middle East

Board agreed further rate cuts warranted over time, focus was on timing and extent of easing

Majority agreed prudent to await confirmation on inflation slowdown before easing

Case for no change cited some data, including on inflation, had been little firmer than expected

Members agreed monetary policy was modestly restrictive, though financial conditions had eased

Minority for rate cut put more weight on downside risks to economic outlook, inflation

U.S. tariffs would be drag on world growth and thus Australia, where GDP already subdued

Outlook for global economy highly uncertain, U.S. trade policy unpredictable

The majority of the nine member board opted to hold (obvioously!). Three members argued for a rate cut, citing:

sufficient evidence that inflation was on track to be sustainably back to targetno need to wait before easing policy further

Markets may scale back aggressive easing bets, supporting Aussie dollar resilience and keeping short-end yields sticky. Risk assets could face headwinds if the RBA errs on the side of patience, especially amid global growth concerns and U.S. trade uncertainty.

Background, from the day itself:

RBA leaves cash rate unchanged at 3.85% in latest policy decisionAUDUSD jumps as RBA delays rate cut. What's next?RBA's Bullock: It is appropriate to have a cautious, gradual stance on easingRBA's Bullock: We want to be sure on inflationRBA's Bullock: People got too excited about mention of 50 bps in May meetingRBA's Bullock: Our communication strategy is not failing

InvestingLive (formerly ForexLive.com) tells you what you need to know!

This article was written by Eamonn Sheridan at investinglive.com.

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