RBA's Lowe – its possible there will be more rate hikes still to come

<p>Reserve Bank of Australia Governor Lowe on the economy and policy:</p><ul><li>
Possible some further tightening will be required to return inflation
to target</li><li>Remains to be
determined whether monetary policy has more work to do</li><li>Complex picture on
inflation, significant uncertainties regarding outlook</li><li>At the August
meeting, the board will have updated economic forecasts and new data</li><li>There has been a
"significant and rapid" tightening of monetary policy</li><li>Very conscious
monetary policy operates with lag, full effects yet to be felt</li><li>Economic growth to
be subdued over next couple of years, will take time for inflation to
return to target</li><li>Determined to return
inflation to target within reasonable timeframe</li></ul><p>On the Review of the Bank and changes that'll be implemented:</p><ul><li>RBA board to make
changes based on independent review</li><li>From 2024, the board
will meet eight times a year, rather than 11 times</li><li>Board meetings to
start on Monday, conclude at usual time on Tuesday</li><li>Post-meeting
statement announcing the decision will be issued by board, rather
than governor</li><li>RBA governor will
hold a media conference after each board meeting to explain decision</li><li>Quarterly statement
on monetary policy will be released at same time as policy decision</li><li>Current board
structure to remain as is</li><li>RBA board to decide
on some review recommendations at a later date</li></ul><p>If you do want to l<a href="https://rba.livecrowdevents.tv/SpeechbyPhilipLoweGovernor12july" target="_blank" rel="nofollow noopener noreferrer">isten live this is the link here</a>.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.