The Bank of Australia announces to maintain the benchmark interest rate unchanged
After the interest rate meeting, the Reserve Bank of Australia announced that it would maintain the benchmark interest rate at 0.25% and the three-year Treasury bond yield target at 0.25% unchanged, in line with market expectations. The statement after the meeting reiterated that there will be no increase in interest rates until there is progress in the labor market and confidence that inflation will continue within the target range of 2% to 3%. With the reopening of economic activities, it is believed that the unemployment rate should peak sooner than expected, but in the future, additional loose monetary policies must continue to be considered to support employment prospects.
The chairman of the U.S. Federal Reserve believes that the economy has passed its worst
US Federal Reserve Chairman Powell said in an online speech that in the early stages of recovery, too little policy support will lead to weak economic recovery and cause unnecessary difficulties for households and businesses. On the contrary, even if there are too many support measures, there will be make economic risks smaller and only make the recovery faster and more stable. However, he did not disclose whether the bureau will introduce further stimulus measures. In addition, he believes that the current economy has avoided the worst, but the economic recovery is still far from complete. If the new crown virus epidemic is not effectively controlled, the economy may fall into a downward spiral again.
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