There was no April Fools’ “surprise” from the RBA. The decision to leave the cash rate unchanged at 2½% was universallyexpected. Nor was there any shift in the RBA’s forward guidance pointing to a period of stability in interest rate settings.Indeed there has already been a fair period of stability with the last rate cut made in August 2013. The 2½% cash rate hasbeen in place for longer than the lows of the 2001 and 2009 easing cycles.
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