From inflation to deflation?

In the cold light of day, Reserve Bank fears of inflation have turned out to be 'noflation', but without fast rates action excessive consumer debt and lack of liquidity could be here to stay.

"…If slower growth in demand could be expected to result in a more moderate inflation outcome, then a case could be made for a further easing of monetary policy. The board would have the opportunity at its next meeting to review the inflation outlook based on comprehensive new data on prices, as well as information on demand and output. Members judged it prudent to evaluate those data before considering a further policy adjustment."


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