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The Reserve Bank of Australia (RBA) has published the minutes of its February monetary policy meeting, detailing the reasoning behind the first interest rate cut in four years, lowering the cash rate to 4.1%. The move was prompted by a slowing of underlying inflation and a need to balance the support of economic growth with keeping the inflation target intact. The board observed that the projections were subject to market expectations of a cumulative 90 basis points of cuts in the cash rate during the projection period.
Despite the rate cut, the RBA was cautious about future policy loosening, emphasizing the importance of closely watching economic conditions and data. The board stressed that cutting rates did not bind them to further cuts and that future policy changes would hinge on new data and risk appraisals. The minutes also noted worries about the possible influence of global uncertainties and domestic economic conditions on the growth and inflation outlook
