Australia Cuts Key Rate to Record Low, Ending Near 3-Year Pause – Bloomberg

Australia Cuts Key Rate to Record Low, Ending Near 3-Year Pause  Bloomberg

Australia cut interest rates for the first time in almost three years to guard against a darkening global backdrop and attempt to revive a slowing economy and tepid inflation at home. Reserve Bank Governor Philip Lowe made his first adjustment to the cash rate since taking the helm in September 2016, cutting by a quarter-point to 1.25% Tuesday as expected by money markets and economists. They also see the central bank following up with another cut within three months. “Today’s decision to lower the cash rate will help make further inroads into the spare capacity in the economy,” Lowe said i…

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