RBA caution to cushion a Fed fallout

Forecasting is patchy at the best of times but with the massive ramifications of an impending taper the Reserve Bank has little choice but to wait for the Fed to make up its mind.

Indecision by the Federal Reserve is driving financial market behaviour and leaving policy-makers increasingly helpless. Data limitations and the self-imposed restrictions used by the Reserve Bank of Australia to govern monetary policy – infrequent policy movements, reversal reluctance and inaccurate forecasts – leaves the Australian economy vulnerable if the Fed does not taper soon.

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