The April Board minutes contained few surprises for the markets. The markets are not pricing in a full rate hike until mid-2015. From the RBA’s perspective there is growing evidence that the transition from mining to non-mining led growth isunderway. The RBA noted that low interest rates were “supporting domestic economic activity”. The minutes repeated theRBA’s neutral policy stance, stating that “a period of stability in interest rates” is the most prudent course.
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