Australia central bank says policy needs to be restrictive after holding steady
SYDNEY - Australia's central bank held interest rates steady on Tuesday as expected, while reiterating that it was not ruling anything in or out to control inflation, a result that led markets to slightly pare back the chance of a November rate cut.
"Inflation in underlying terms remains too high, and the latest projections show that it will be some time yet before inflation is sustainably in the target range," the RBA Board said in a statement. The RBA has raised interest rates by 425 basis points since May 2022, but with inflation - which ran at 3.8% last quarter - still above the central bank's target band of 2-3%, policymakers pondered whether the current policy was restrictive enough.
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