Markets: Stevens' tough ASX audience

Monetary stimulus may be bearing fruit in the US and Japan, but the local market barely blinked an eye the Reserve Bank's latest rate cut.

The yawn that greeted the Reserve Bank of Australia’s interest rate cut yesterday is perhaps an indication that in the near term at least, the stock market is not going to jump for joy whenever the cash rate is cut. Yesterday the S&P/ASX 200 Index fell 0.1 per cent to 5105.629 amid predictions the central bank would cut the cash rate further still later this year. Governor Glenn Stevens said in his statement that the bank’s board "will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the inflation target over time".

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