* The RBA have maintained their easing bias. Further changes to the cash rate are data and AUD dependent.
* Policy makers would prefer to see an easing in monetary conditions come via a lower Aussie dollar. Wednesday’s FOMC meeting will be important for near-term movements in the Aussie dollar
* Our forecasts envisage that the current 2½% cash rate is the low for this cycle.
The RBA’s easing bias was re-inserted into the minutes after being left out in the post-meeting Statement. The comment “the Bank should again neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them” was identical to the sentence in the August
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Commonwealth Bank