Major step: The entrance to the RBA in Sydney. The central bank also omitted its previous projection that rates were unlikely to rise until 2024, reflecting an improving economy. — Bloomberg
SYDNEY: Australia’s central bank took a major step towards unwinding extraordinary pandemic stimulus policies by abandoning an ultra-low target for bond yields and opening the door for an earlier hike in cash rates.
Wrapping up its November policy meeting, the Reserve Bank of Australia (RBA) kept the cash rate at a record low of 0.1% but dropped its 0.1% target for the April 2024 government bond.
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