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RBA as expected kept rates unchanged at today's meet, staying on hold for the eighth consecutive meeting since cutting to this record-low level in May 2015. The policy statement continued to view current monetary policy settings as "appropriate."
The RBA stated that it will be closely watching "labour market conditions" and the economic impact of "recent financial turbulence," which could generate more market interest in the January employment report scheduled for release on 18 February. The central bank noted several improvements in domestic activity.
Nevertheless, the RBA retained its easing bias, with inflation expected to remain low and uncertainties surrounding global economic conditions remained heightened. The statement replaced the phrase stating "inflation is forecast to be consistent with the target over the next one to two years," with "consumer price inflation is likely to remain low over the next year or two."
"We continue to expect rates to remain unchanged, although the low inflation continue to imply a risk for further easing, if needed. Our forecast remains for the cash rate to stay unchanged at 2.00% throughout 2016, with the continued risk of a rate cut, as the RBA's inflation forecast likely take into account the renewed weakness in global oil prices," said Barclays in a research note.
