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WELLINGTON: New Zealand’s central bank is in no rush to tighten monetary policy, assistant governor Christian Hawkesby said as he sought to temper market expectations about sudden changes in interest rates.
SYDNEY: Australia’s central bank has re-committed to keeping interest rates at historic lows as policymakers battle to stop surging bond yields from disrupting the country’s surprisingly strong economic recovery.
FOR millennia, interest rates have been the primary tool for setting the price of money. They have determined how medieval kingdoms financed faraway conquests and modern nations fought wars.
SYDNEY: The bond market rout is starting to test the resolve of global central banks, and nowhere is that clearer than in Australia, where policymakers are struggling to defend their yield targets.
WELLINGTON: New Zealand’s central bank held its official cash rate at a record low of 0.25% yesterday, as expected, saying the current levels of monetary stimulus were needed to meet its consumer price inflation and employment remit.
SYDNEY: The Reserve Bank of Australia (RBA) would really prefer if its currency didn’t trade above 80 US cents, eroding the competitiveness of its exports sector just as the economy is trying to recover from the pandemic.
SYDNEY: The Australian and New Zealand dollars extended their rapid rally on Wednesday as relatively high local yields drew buyers, and New Zealand's central bank sounded upbeat on the local economy even as it signalled rates would stay low.