Members began their discussion of international economic conditions by noting that the risks to global growth had become more balanced over prior weeks. While national accounts measures of growth in most advanced economies had remained weak, some forward-looking indicators had been more positive. The United States was the exception, where growth had been robust and had moderated only a little in 2024 compared with the very strong rates of 2023. The US labour market had been surprisingly strong over preceding months and labour markets in most other advanced economies remained tight, despite further gradual easing. ... (full story)

Minutes of the May 2024 Reserve Bank of Australia meeting. Headlines via Reuters: • Considered whether to raise rates, judged case for steady policy the stronger one. • Board agreed difficult to either rule in or rule out future changes in the cash rate. • Flow of data had increased risks of inflation staying above target for longer. • Board expressed limited tolerance for inflation returning to target later than 2026. • Staff forecasts were considered sound, presented credible path back to target. • Board noted forecasts were predicated on noticeably higher path for the cash rate. • Rate rise could be appropriate if ... (full story)