All-in-all, the dovish set of minutes released today confirm the central bank is closing on rate cuts and will likely deliver at least two in the next seven months.
As a result, the odds of a June interest rate cut rapidly increased in response to the comments, driving the Australian Dollar to US Dollar (AUD/USD) exchange rate into a fresh slump this morning. Since then markets and forecasters have largely moved in that direction.
This change in forecast reflects the lift in the unemployment rate for April from 5.1% to 5.2% and the confirmation from the Governor that the Board would be closely following developments in the labour market with the primary focus on the unemployment rate.
Lowe on Tuesday said the RBA was considering cutting interest rates, the first cut in three years, to stimulate an economy slowing due to sluggish consumer spending and with lukewarm inflation.
The Governor's thinking has evolved over the year to accept that, as we have observed in other countries, upside inflation risks are consistent with a lower unemployment rate than had previously been assessed.
Daniel Craig to undergo ankle surgery after Bond set injury
Either way, the film is supposedly still on track to hit its intended release date in the spring of 2020. As for the plot of the movie, it will follow 007 as he comes out of retirement to help a friend.
George R.R. Martin hints at different 'Game of Thrones' ending
But on Tuesday, Martin wrote about the book on his Not A Blog website , and he seems to have set himself a deadline. After " The Winds of Winter ", the final book of the series will be titled " A Dream of Spring! ".
FAA chief has no timetable for Boeing 737 MAX approval
It was among the first nations to ground the 737 Max in March following crashes in Indonesia and Ethiopia that killed 346 people. Safety regulators in other countries have said they plan to independently assess Boeing's fixes before giving their approval.
He said there was a range of options to help cut the jobless rate.
"The RBA are reluctant rate cutters". Futures jumped to imply around an 88% probability of a quarter-point cut in the 1.5% cash rate in June, from less than 60% at the start of the week.
Dr. Lowe noted that while there had been a lift in wages growth, it was still well short of what would be expected with unemployment around 5 percent. The RBA last eased policy to a record low 1.50% in August 2016.
Further, the minutes stated that risks to the household consumption growth and global economy are tilted to the downside.
Westpac Chief Economist Bill Evans tells Ross Greenwood the economy will approve with time.