Australian Interest Rates Stay at 7.25%

The Reserve Bank of Australia kept interest rates at 7.25% in line with expectations. Governor Glenn Stevens has held rates in place for three months now, maintaining that borrowing costs are "substantial" to tame inflation. All signs point to the validity of this assessment, with April's decline in retail sales by -0.2% offering the latest evidence that the economy is slowing. The bank continues to expect inflation to remain at elevated levels in the medium term, so current rates rate likely to remain in place into the end of the year.

DailyFX

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